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3-Minute Market Insight

EP 421 | AIRED 01/21/2019

Where Is The Haddock Market Going This Year?

January 21, 2019 - Back in October, shortly after the Chinese import tariffs were implemented, we reported how the 10 percent tariffs were artifically inflating the market and how it could disappear if the 25 percent tariffs came into effect...

Now that the tariffs have remained at 10 percent we have a more clear outlook for Haddock markets in North America.

Tradex Foods Commodity Products

Raw materials have been around $3400 per metric tonne for several months, which was thought to be a ceiling but may just be the new norm.

New raw materials will be purchased in mid-February after the Chinese New Year Holiday, but we do not anticiapte any relief.

The US market is way down because of the tariffs but with Atlantic Cod prices so high, buyers aren't switching from Haddock to Cod.

Global supply on Haddock is steady and around it's historical average, despite the agreement for 2019 quotas in Norway and Russia to be about 15 percent lower than in 2017.

As a result of turblulent Raw material markets, finished goods on Haddock have risen by over 80 cents per pound over the past year.

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Twice frozen Haddock Loin pricing has reached a new high of over $4.00/lb on the East Coast, only a few cents lower than where Atlantic Cod loins currently sit.

Tradex Retail Program

Chinese processors have received requests for quotes but few buyers seem to be committing to new loads, presumably waiting to see where the whitefish market settles after Chinese New Year.

Our advise to buyers is to wait until Chinese processors have acquired new raw materials next month to make purchase decisions on twice frozen haddock products for March.

--- And Finally, our TradexLIVE offer of the week is for IVP 1-3lb Sockeye Salmon Fillets.

We have inventory in both Vancouver and Seattle packed in our premium SINBAD Platinum brand for $7.85/lb.

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(Click to View Offer)

SINBAD products are harvested from sustainable fisheries (when possible) and are produced from the finest raw materials with exceptional harvesting and processing standards. All products follow our industry best 7-Step Quality Control Process delivering comprehensive inspections at every stage of processing. With our SINBAD Brand, you get a premium product, produced in Asia with our 100% Net Weight Guarantee, Accurate Piece Counts, and No Folded Bellies or Tails.

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