For late October and early November, the prices are at around $1,700-$1,720 per metric ton, cost and freight (CNF) Bangkok, for whole round, frozen skipjack, in sizes of 4-7.5 pounds (1.8-3.4 kilos).
Since hitting a peak of around $2,350/t in April, prices have continued to fall, with the current level down around 27% of this peak.
“For December, I wouldn’t be surprised if it [the price in Bangkok] dropped again,” an Asia-based source with a supplier told Undercurrent News.
Another source, based in the US, said he’d heard talk circulating of a deal done at $1,650/t, adding the price is definitely at $1,700/t.
“It’s certainly going in that direction [$1,650/t], which I think we will see for December fish deliveries, as the boats are now back fishing on FADS [fish aggregating devices]” in the Western Pacific, he toldUndercurrent.
From July 1 to Oct. 31, the Western and Central Pacific Ocean is closed to fishing using FADs.
Fishing was weak in the final few months of the FAD closure, sources said, with a lot of small fish caught. Despite this, prices continued to fall.
“Thai canners are trying to push the price of tuna down very hard, despite poor fishing in the Western Pacific the last couple of months, due to the FAD closure,” said one US-based source.
“It’s a ‘game of chicken’, between the traders and Thai processors right now, with the traders trying to hold the price up,” he said.
“If fishing is strong, expect prices to drop further,” said the source, of the next few weeks. “If fishing is soft, they will bounce right back up to $2,000/t.”
Buyers are aware the market is falling and plants around the world — Bangkok, Europe; West Africa; Indian Ocean; and Ecuador — are well stocked, sources said.
“With most finished product buyers in the US and Europe aware that prices are falling, but not yet bottomed-out, they are still staying out of the market, unless they have immediate need of some product,” one source told Undercurrent.
“So, production volumes haven’t picked up to a level that will absorb this fish in the short term. We still have some way to go, in my opinion,” he said.
“Worldwide, canneries are mostly well supplied, with some Bangkok plants covered well into January, so canners can out-wait the traders in many cases. Interesting times ahead,” the source said.
(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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