The market has been very quiet due to the largest fishmeal importing country, China, waiting for a further price correction with many buyers putting trade on hold. In the first nine months of 2015, both Peru and Chile recorded the lowest export volumes over the past six years. After the long rationalization of fishmeal and fish oil prices over the first half of 2015, high expectations for a strong El Niño have started to push up prices again in the third quarter. However, the authorization of the second anchovy fishing season in Peru reduced pressure on supply for the near term. In the long term, the general upward trend of fishmeal and fish oil prices is irreversible.

Fishmeal production for the first nine months from IFFO member countries decreased slightly. This decline is mostly due to the extended impacts of the cancellation of the 2014 second fishing season in Peru based on a negative finding by IMARPE on anchovy biomass. According to Undercurrent News, the daily catch level of anchovy in Peru was around 21 000 tonnes in November, while the overall quota for the second fishing season was set at 1.11 million tonnes, and catches so far did not include a high proportion of juveniles. In Europe, production remained stable during the first nine months of the year but was not able to contribute significantly to fill the supply gap.

For fish oil, production in the first nine months stayed stable compared with the same period last year, with slightly less contributions from Peru and Chile. The higher quota of menhaden will help with supply levels.