(IntraFish) Chinese plants are buying H&G cod again, with the price creeping up from the low levels of earlier in the year. Headed and gutted (H&G) Atlantic cod is selling at as much as $3,400 (€2,579) per metric ton, up from $3,150 (€2,389) at the end of March, a source in China told IntraFish.
The prices are now between $3,300 (€2,503) and $3,400 (€2,579), subject to deal conditions and specifications, the source told IntraFish.
The price of Norwegian cod has increased by 3 percent to 5 percent compared with the last two months, he said.
“We think cod prices are at the bottom,” said an executive with a trading company. “They are going back up, but we don’t know how high. The main markets, such as Spain and Portugal, are weak.”
Although some small cod was sold at $3,100 (€2,352), “not much” was sold at this price, he said.
“The prices are now $3,250 (€2,465) to $3,350 (€2,541) per metric ton for 1-2 sizes to China,” the trading executive said.
A Norwegian fishing executive confirmed the rise in prices, but said he was not exactly bullish on the future.
“Yes, we see a firming up in the market, but not so strong yet,” he told IntraFish.
Although China is returning to the market, it is not an across the board move, said the source in China.
Some Chinese are buying but more are sitting on the fence,” he said. “I can’t predict the trend, but considering the economic data of the United States is looking good and Italy’s Prime Minister’s optimistic opinion, it is reasonable that the market confidence is restoring.”
Demand on salted fish is improving, said the trading executive. “The problem is that there are stocks of loins in China to shift. Some was moved at Boston, but there are still more volumes in China.”
Buyers in Spain are now buying pallet loads and not containers, he said. “The whole shape of the market is changing.”