Buyers in Europe have high inventories of Alaska pollock and US fishing companies -- which are out catching their Marine Stewardship Council (MSC)-certified fish in the A-season at the moment – have high stock levels, sources told IntraFish.
“I believe US sellers have a lot of stock on their hands which makes them put pressure on price,” said Dmitry Fedotov, founder of Superocean, a Hong Kong based supplier with access to around 80,000 metric tons of Alaska pollock in Russia.
“Rumors are that they are offering Alaska pollock blocks at $3,150 (€2,355) per metric ton,” he told IntraFish.
A buyer at a large European processing firm said he had also seen this price level. “I have heard that, but it depends on the selling terms and the quality,” he said.
$3,200 (€2,393) is a more realist level for frozen-at-sea pollock from the US, while some of the land-frozen pollock from the US is down at $3,150 (€2,355), he said.
However, neither executive feels the price will drop below $3,000 (€2,243).
A European trader is more bullish.
“I have not heard of $3,100 (€2,318) -- I think the general price is around $3,300 (€2,468) to $3,400 (€2,542) at the moment but sales are sporadic,” he told IntraFish. “I think lots of buyers are holding back until Boston seafood show to see if prices are going up or down.”
It will be “interesting to see where we land,” he said.
Russian prices down
Prices for headed and gutted (H&G) pollock from Russian to China are also down at $1,350 (€1,010), said Fedotov.
“Buyers in China are saying that they have lots of stock, but companies are still buying,” he said. “I have sold roughly 3,600 metric tons of H&G pollock into Chinese plants over the last week and a half.”
The Chinese message of high stocks could be a message in the lead up to Boston, in order to drive down US prices and compete on prices, he said. “Maybe the Chinese are playing the game in the lead up to Boston, which promises to be very interesting.”
Frank Zhou, an executive with Chinese processor Ocean One Enterprise, said prices have fallen further, to the $1,300 (€972.1) level.
“Demand is very low from the EU and the United States, especially EU,” he said. “Chinese plants here have big inventories. Many have to stop processing, since their cold storages are full with finished
products. Not many plants want to buy pollock now.”
The weak euro is also a factor, which means costs for EU customers are almost 10 percent higher, he said.
“Single frozen pollock products are sold at low prices, very close to twice frozen, which has caused many customers turn to buy single frozen instead.”
Price fall normal
It is normal that the prices fall this time of year, said Daniel Lin, an executive who has set up his own company, Ocean Kingdom Seafood, to supply wild-caught frozen at sea fish to the processing industry and wholesalers.
“It’s normal that the price falls from $1670 (€1,249) to $1350 (€1,010) per metric ton -- for H&G, 25+ centimeters -- from January to February, every year this thing happens,” he said.
“Unlike cod or other high-value species -- bought as spot against customer orders -- pollock is a species processing plants can buy in advance and corner as inventory,” he said.
Most Chinese processing plants buy pollock to a set plan, said Lin.
This involves buying 70 percent of annual demand in February to April, because there is a catch of around 100,000 metric tons in the Sea of Okhotsk.
Then, they buy the rest of the demand in November up to January, before the Chinese New Year festival. “Therefore, in January and February, there is very little trading. That causes the price falls dramatically.”
According to Vietnam Customs, the export of value-added pangasius in the first eight months of 2024 has been evaluated as quite positive, with continuous growth in many major markets such as the United States, CPTPP, and the Netherlands...
(seafood.vasep.com.vn) The Department of Fisheries of Ca Mau province coordinated with the School of Fisheries under Can Tho University to organize training courses on high-tech shrimp farming for 120 people in processors, cooperatives and families that are raising intensive and super-intensive shrimp in the province.
(seafood.vasep.com.vn) Currently, Soc Trang province plans to expand its shrimp farming area from over 50,000 hectares to 57,000 hectares by 2025, aiming for a production of 233,800 tons and maintaining a $1 billion export value. The project will establish 45 climate-resilient shrimp farming models and ensure all farms meet aquaculture standards for traceability.
(seafood.vasep.com.vn) In July 2024, Vietnam's fish cake and surimi exports declined. The export value reached just over 24 million USD, down 3% over the same period. In the first 7 months of 2024, the cumulative export of this product group reached 152 million USD, down 13%.
(seafood.vasep.com.vn) Dong Thap is a key region for pangasius farming, boasting the largest production in the Mekong Delta. In the first seven months of 2024, the estimated aquaculture area reached 4,778 hectares, with a harvest yield of 307,336 tons. Of this, the intensive pangasius farming area covered 2,042 hectares, with a harvest of 252,670 tons.
(seafood.vasep.com.vn) According to Vietnam Customs, in the first half of August 2024, Vietnam's pangasius exports to the EU reached nearly 8 million USD, up 57% over the same period. Cumulative pangasius exports to this market as of August 15, 2024, reached 107 million USD, up 0.5% over the same period last year.
(seafood.vasep.com.vn) The Board of Directors of International Development & Investment Corporation (IDI) is confident of completing this year's profit plan in the context of gradually recovering demand for pangasius in China and Mexico.
(seafood.vasep.com.vn) Some farmers in Soc Trang province have successfully applied a balanced biological shrimp farming technique, which eliminates the use of chemicals to minimize environmental impacts. This is a model of farming that adapts to climate change.
8 finalists have been named in the best new seafood product competition to be awarded at Seafood Expo Asia, taking place 4 to 6 September at the Sands Expo and Convention Centre in Singapore.
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