The production of PBO fillets though Feb. 8 is 8,600 metric tons, down 21.81% year-on-year. The loss of the price premium from being the only Marine Stewardship Council (MSC) certified fishery after the Russian Sea of Okhotsk fishery was certified last year is impacting US production.
Prices for PBO fillets, the main market for which is the European fish finger processors in Germany, France and the UK, are down at around $2,950 per metric ton, depending on delivery terms and quantity. B season prices in 2013 were around $3,050/mt, with the A season last year at around $3,200/mt.
The last time the prices were at this level was the B season of 2007, before they went on a rapid climb, hitting $4,500/mt in the A season of 2009.
US catchers are producing more deepskin blocks, with production at 8,900t already, up 64.81% y-o-y. Surimi production so far is 16,900t, up 3% y-o-y. Surimi prices to Japan are trending up.
The price of Alaskan pollock surimi bound for the Japanese market for the current 2014 A season has roughly settled at JPY 30-40 higher than that for the 2013 B season, buoyed by the uncertain outlook for surimi supplies from other producers, mainly Southeast Asia and China, according to a report fromMinato Tsukiji.
For roe, mainly sold to Japan and formerly the cash cow of the industry, the outlook is also looking more positive, with recovery rates up on the A season of 2013.
Production of headed and gutted (H&G) pollock is 3,900t so far, down 23.52% y-o-y.
H&G prices are also under pressure, because of the Russian Sea of Okhotsk fishery now having the MSC approval, also. The Sea of Okhotsk fishery takes place largely in A season, meaning Chinese processors can produce double frozen blocks for customers wanting MSC products from Russian fish, as well as American.
The Russian H&G price is currently around $1,400/mt, with American fish still selling at a premium, but largely because there is more bigger fish available, rather than the large premium US H&G used to command from being the only MSC pollock available.
According to producers in the US, the strategy is to cut PBO production and dry up the market in Europe, resulting in higher prices in B season. “Demand is still strong — in Europe and the US — and we don’t think there is much stock around,” one said.
At the same time, the low prices are causing more US buyers to switch to once frozen — PBO, deepskin or individual quick frozen (IQF) fillets – over twice frozen pollock, processed in China from US or Russian H&G.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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