More than 60% of Peruvian fishmeal has been pre-sold, China offers $1,500/ton

The article provides an overview of the Peruvian fishmeal market, focusing on the significant pre-sales of fishmeal and the current market dynamics. Approximately 62% of the expected production of 360,000 tons has been pre-sold since the season started on November 1, with various buyers including China, Southeast Asia, Germany, Ecuador, and local Peruvian markets. Despite the large pre-sales, the prices for both Peruvian fishmeal and fish oil have seen a decrease, with the October price for Peruvian fishmeal falling to $1,771/ton and fish oil to $2,750/ton, compared to higher prices in the previous month and year. Additionally, China's import inventory is nearing 336,000 tons, a significant increase from the same period last year. The article also touches on the challenges of reaching the 2.51 million tons quota due to the production rates in the initial days of the fishing season and the impact of increased freight rates from South America to China on pricing strategies.

James Frank, general manager of Peruvian fishmeal exporter MSICeres, said: "Since the start of the fishmeal season on November 1, about 360,000 tons of fishmeal have been pre-sold, accounting for 62% of the expected production. The market was very active last week. Chinese buyers bought a large amount of super fishmeal at a price of $1,500/ton CFR. Southeast Asia, Germany, Ecuador and Peruvian local markets also had large transactions." In the 46th week, the price of Peruvian fishmeal in Shanghai Port was CNY 12,800/ton, or $1,771/ton, lower than CNY 12,800/ton in the same period last year. 17,550/ton. The combined price of Peruvian and Chilean fishmeal in October was $1,495/ton, down from $1,611/ton in September and $2,127/ton in October last year. Fish oil prices also fell significantly, with the average price of Peruvian feed-grade fish oil at $2,750/ton in October, down from $3,230/ton in September. In October 2022, the price of Peruvian fish oil was as high as $7,240/ton, and ...