Peru's Ministry of Production (Produce) has authorized a 1.682 million metric ton anchovy quota for the second season of 2023 in north-central waters, a 26 percent reduction from last year.

The fishery is a key supplier of raw material to the global fishmeal industry.

"It is below a normal quota but above initial speculation estimating a quota of 500,000 metric tons to 1 million metric tons," one industry source told IntraFish.

The timing of the announcement shortly after exploratory fishing began at midnight on Oct.