US tuna prices have been in decline since the end of the 3Q of 2012 and this trend has continued into 2013 as strong import figures have kept supplies plentiful.
According to Urner Barry data, average prices of tuna loins and steaks have been in decline since quotations were relisted in September. The average price of an 8 oz. CO Treated Tuna steak in April is currently $6.40 lb, down 26% from September’s $8.72 lb average price. Likewise, prices for 5-7 oz frozen yellowfin tuna loins are averaging $6.32 lb compared with September’s $8.82 per lb average price, a difference of $1.50 per lb.
This dramatic fall in prices from record highs is attributed to strong import figures in 2012 that followed a series of import declines that began in 2011 and culminated in January 2012 when imports bottomed out, totaling just over 75,000 lbs during the month.
But 2012 imports rebounded with the US importing a total of 44.1 million lbs of frozen yellowfin tuna fillets, a 21% increase compared to 2011 and the second highest imported volume of tuna fillets ever.
Today the US Department of Commerce will release their latest import figures for February which will provide a clearer picture of how volumes may trend for the remainder of the year, so far the market is currently rated as steady noting some downward pressure with industry sources reporting strong supplies.