Undercurrent is proposing to expand its China fishmeal price reporting to provide greater transparency across imported Peruvian fishmeal and domestically produced fishmeal, capturing a broader range of grades, specifications and regional markets.
The proposed expansion would build on UCN‘s existing coverage of Super Prime Peruvian fishmeal at Shanghai port and fishmeal inventories in Shanghai, Guangzhou, Tianjin, Dalian and other ports across China.
The grades reflect established quality specifications for Peruvian steam-dried fishmeal. Super Prime has a minimum protein content of 68%, compared with 67% for Prime and 67% for Thai grade and Standard. The grades are also differentiated by freshness and composition indicators, including total volatile nitrogen (TVN), histamine, fat, moisture and free fatty acids (FFA).
Product specification
UCN proposes to publish weekly price assessments for four grades of Peruvian steam-dried fishmeal traded at Shanghai port: Standard, Thai grade, Prime and Super Prime, with historical data dating back to 2017
The assessments would reflect ex-warehouse prices at the ports, based on weekly offers from importers.
- Origin: Peru
- Locations: Shanghai
- Basis: Ex-warehouse
- Currency: Chinese yuan (CNY) per metric ton
- Frequency: Weekly
- Publication: Friday at 12:00 p.m. London time (GMT/BST, as applicable)
| Grade | Protein | TVN (max.) | Histamine (max.) | Fat (max.) | Moisture (max.) | FFA (max.) |
|---|---|---|---|---|---|---|
| Super Prime | 68% min. | 100 mg/100g | 500 ppm | 10% | 10% | 7.5% |
| Prime | 67% min. | 120 mg/100g | 1,000 ppm | 10% | 10% | 10% |
| Thai grade | 67% min. | 150 mg/100g | Not specified | 10% | 10% | 10% |
| Standard | Approx. 65% | 150 mg/100g | Not specified | 12% | 10% | 10% |
Thai grade refers to a grade of Peruvian fishmeal produced to this specification; it does not refer to fishmeal of Thai origin. These quality parameters are based on IFFO’s specifications for Peruvian steam-dried fishmeal used in the China market.
| Grade | Salt | Sand | Ash |
|---|---|---|---|
| Super Prime | 4% | 1% | 17% |
| Prime | 5% | 2% | 18% |
| Thai grade | 5% | 2% | 19% |
| Standard | 5% | 2% | Not specified |
While Super Prime is widely used as an industry benchmark, other grades are important to Chinese feed manufacturers, which may adjust formulations in response to changing fishmeal prices and availability.
Expanding the assessments across all four grades would allow market participants to monitor price differentials and substitution dynamics within the imported fishmeal market.
Domestic fishmeal coverage expanded
At the same time, UCN has expanded its coverage of domestic fishmeal prices across locations in China, with historical data dating back to 2022.
Domestic fishmeal is produced from byproducts of local fisheries and generally has lower protein content and different levels of volatile basic nitrogen (TVN) compared with Peruvian fishmeal. As a result, domestic products typically trade at a discount compared with imported Super Prime Peruvian fishmeal.
The domestic fishmeal covered by UCN is processed, stored and traded in major producing and trading provinces including Liaoning, Shandong, Zhejiang and Guangdong. The assessments represent ex-warehouse offers from distributors, providing a view of prices closer to the domestic supply chain.
For example, the domestic product price coverage includes:
- Origin: China
- Locations: Liaoning, Shandong, Zhejiang and Guangdong
- Basis: Ex-warehouse
- Currency: Chinese yuan (CNY) per metric ton
- Frequency: Weekly
- Publication: Friday at 12:00 p.m. London time (GMT/BST, as applicable)
| Location | Protein content | TVN |
|---|---|---|
| Liaoning | 63% | 150 |
| Shandong | 63% | 150 |
| Zhejiang | 62% | 120 |
| Guangdong | 68% | 110 |
A broader view of China’s feed costs
China has one of the world’s largest aquaculture and swine farming industries, generating substantial demand for fishmeal as a feed ingredient.
Tracking price movements across different grades and origins of fishmeal can therefore provide a more complete picture of changes in feed and farming costs in China.
The expanded coverage also allows market participants to compare imported and domestic fishmeal prices and monitor how feed mills may adjust formulations in response to changes in international fishmeal prices.
For buyers, sellers and other participants in the Chinese feed and aquaculture industries, a broader set of fishmeal price benchmarks can provide greater visibility into market trends and help identify new commercial opportunities in China.
All new coverage, including different grades of Peruvian fishmeal, domestic fishmeal prices and total inventory data, will be updated weekly every Friday. All prices will be quoted in Chinese yuan (CNY) per metric ton.
Share your feedback
We are seeking feedback from industry participants to ensure the proposed assessments accurately reflect commercial practices within China’s imported Peruvian and domestic fishmeal markets.
We invite comments on any aspect of the proposed methodology, including product and quality specifications, grade definitions, geographic scope, ex-warehouse pricing basis, quotation units and publication timing.
We also welcome feedback from importers, distributors, feed manufacturers and other market participants interested in contributing pricing information to the assessments.
Please submit comments or questions to [email protected] by October 5, 2026.
Subject to industry feedback, UCN plans to launch the new assessments on October 9, 2026.
Thank you for your continued support. We look forward to working with the industry to develop reliable and representative price assessments for imported Peruvian and domestically produced Chinese fishmeal.
UCN Team
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