Australian fish farmers and Japanese importers have agreed on a price of 1,350 yen per kilogram for southern bluefin tuna, down 20% from a year ago, reflecting soft demand.
The price has now fallen for two straight years and is at its lowest level since touching 1,000 yen per kilogram in 2009, immediately after the Lehman shock. The price in Japan will be about 500 yen per kilogram higher, reflecting the cost of freezing, transporting and storing the fish.
Last year, imported salmon was around 40% less expensive than it is now due to the strong yen and generally weak fish prices as a result of the global economic slowdown. Consequently, more sushi bars and supermarkets aggressively purchased salmon instead of southern bluefin tuna. Wide variances in the quality of last year's imported tuna also weakened demand.
Australian's southern bluefin tunas are captured in round haul nets from December through March and fattened for about half a year in fish tanks, then harvested and frozen. Trading firms and other importers negotiate prices with local fish farmers in June and July. The fish is shipped to Japan in late August and September, then sold by importers over the ensuing year.