“Prices for cod and haddock products ex-China have reduced because the H&G price dropped," a UK-based buyer told IntraFish.
“I get the feeling that the Chinese do not have full order books at present and may possibly discount on prices to get orders. The only concern is if the Chinese discount further, how can they do this, and could start cutting corners from the agreed specification.”
The prices for H&G are down since January by the same level as fillet prices, by between 10 percent to 15 percent, said a top executive from a Norwegian fishing company. “Haddock has had the same price development as cod.”
From 2007 to 2012 the total Barents Sea cod quota increased by close to 70 percent and the haddock quota by more than 110 percent, which has, of course, had an impact on the market, he told IntraFish.
Fishing for cod and haddock has been good this year for all nations fishing in the Barents Sea, resulting in big landings over a short period of time. “This has influenced the market both for fillets and H&G.”
The exchange rate between the Norwegian krone and the British pound is accentuating the price drop for fishermen.
“As regards prices for cod fillets, the main market is still the United Kingdom, and the prices for fillets have gone down by 10 percent to 12 percent in pounds since early January until now. In addition to this we have a strong Norwegian kroner and a weak pound, so this adds another 3 percent.”
So the price for cod fillets back to Norwegian fishermen in NOK is down between 12 and 15 percent in only two months.
Pacific to follow Atlantic?
Meanwhile, the Pacific cod price situation has stabilized for now, but a bevy of market factors make the future uncertain.
For Alaska-caught pacific cod, prices increased by 5 percent to 10 percent over the course of last year and have stabilized at that level, Rob Rierson, president and CEO of Canadian seafood supplier Tradex Foods, told IntraFish.
Russia-caught pacific cod has also stabilized but is at a slightly lower level than last year, independent cod trader Daniel told IntraFish.
H&G pacific cod from Alaska is selling for $3,600 (€2,714) - $3,700 (€2,790) per metric ton, an unseasonably high level. It is currently $450 (€339.3) per metric ton higher than Atlantic cod, which is typically more expensive, he said.
But with inventories high, those high prices aren't likely to last, Rierson said.
Processors have been trying to keep H&G prices from coming down by trying to limit supply, either by producing more fillets, and thereby reducing H&G inventories, or through other means.
“Some plants are telling fishermen not to fish because it will push down prices,” Rierson said in Tradex’s weekly market insight video. However, “if fishermen are hungry, they’ll head out anyway," he said.
Paul Gilliland, senior vice president for Clipper Seafoods, told IntraFish the high inventories may be more of a perception than a reality, but he too said processors are trying to decrease inventories from what they were last year. The effort is “not an unusual thing at all when there is an increase in supply.”
Lower prices on similar species are also putting downward pressure on pacific cod prices, such as Alaska pollock.
(vasep.com.vn) Vietnam’s tuna exports reached USD 81 million in April 2026, down 6% compared to the same period in 2025. In the first four months of the year, export turnover totaled USD 289 million, down 4.8%. Although the overall export picture has yet to brighten significantly, market trends are becoming increasingly diversified rather than moving in a single direction.
(seafood.vasep.com.vn) Vietnam’s pangasius industry is undergoing strong restructuring starting from the broodstock and fingerling segment in order to improve productivity, quality, and export competitiveness. This is considered a critical foundation for the sustainable development of the industry amid rising production costs and increasingly stringent market requirements.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports in April 2026 reached USD 206 million, up 18% compared to the same period in 2025 — marking another consecutive month of double-digit growth since the beginning of the year. Cumulative pangasius export turnover in the first four months of 2026 reached USD 720 million, up 17% year-on-year, reflecting the positive growth momentum of this key export product.
(seafood.vasep.com.vn) Vietnam’s shrimp exports in the first four months of 2026 maintained positive growth momentum, reaching approximately USD 1.5 billion, up 15% compared to the same period last year. However, behind this result lies diverging trends across markets, as the global shrimp industry continues to face pressure from inflation, high inventories, price competition, and increasing trade risks.
(seafood.vasep.com.vn) In Vinh Tuy commune (Kien Giang Province), many shrimp farmers are adopting bottom aeration systems and reporting clear economic benefits, helping increase income and reduce production risks.
(vasep.com.vn) In the first three months of 2026, Vietnam’s exports of crabs and other crustaceans reached more than USD 93 million, up 23% compared to the same period last year. The result shows that the sector is experiencing a fairly positive recovery, especially in its two key product groups: crabs and swimming crabs. However, behind the growth figures are several concerns: export markets remain highly concentrated, raw material supply is unstable, and trade barriers from the US and EU are becoming increasingly stringent.
(seafood.vasep.com.vn) In Ca Mau province, many farmers are transitioning from traditional methods to high-tech shrimp farming, adopting recirculating systems with minimal water exchange to improve efficiency and reduce risks. In Hung My commune alone, there are about 260 super-intensive shrimp farming households covering more than 265 hectares, playing a key role in local economic development.
(seafood.vasep.com.vn) In the first three months of 2026, Vietnam’s exports of fish cake and surimi reached USD 63 million, down 5% compared to the same period last year. Although total export value declined slightly due to decreases in some key markets, many other destinations continued to post strong growth, opening up room for this convenience-oriented processed segment in the coming quarters.
(seafood.vasep.com.vn) Favorable weather conditions in the early months of 2026 have brought encouraging signs for fisheries activities in Quang Tri. Output has grown steadily, contributing to improved livelihoods for local residents.
Entering 2026, Vietnam’s seafood industry is facing a period of both high expectations and mounting pressures. Following the positive recovery in 2025, production and export activities in Q1/2026 demonstrated the strong adaptability of Vietnam’s seafood business community amid continued global trade volatility, intensifying international competition, and increasingly stringent compliance requirements in import markets.
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