Fish meal prices dropped due to low demand

Update: 10/11/2017
FOB Peruvian grade 1 fish meal stabilized at a low of $ 1,550-1,570 per tonne. Peru has used up its mining quota in the northern waters. Fishing season in the southern sea, ending June 30, reached 31,678 tons as of 6/2/2017. By the end of the season, the country's output will increase by 6% against the quota of 515,000 tonnes.
Market analysis
Low demand for fishmeal; Aquaculture feed production fell below 200,000 tonnes in January 2017 and continued downward trend. As the cost of fishmeal is reduced, manufacturers take advantage of this opportunity to reduce demand.
The supply of fishmeal is expected to increase as Peru completes its fishing quota in the northern waters. Plus weak demand from China has pushed down prices of fishmeal. With declining demand, Chinese traders will cut prices by decreasing the cost of imports.
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