EP 593 | AIRED 06/13/2022
June 13th, 2022 - This week we provide a European Price Report for Cod, Tuna, Salmon, and Octopus and Crustaceans as energy costs continue to be a main point of cause for inflation across European Markets.
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Octopus is currently in extremely low supply in the EU and prices continue to be on the rise just as they have since the beginning of the year.
While the South African Squid season does not reopen until July 1st (and there is virtually zero supply), traders are afraid these high prices will put Octopus out of reach of the average European consumer.
For Crustaceans, Argentine Red Shrimp harvest are being reported as good all while frozen inventories levels in Europe are also good, and as demand has been declining slowly since the Easter rush, these conditions may lead to slightly lower pricing.
Crab and lobster sales have been boosted by the reopening of dine-in foodservice and the removal of vaccination requirements in key EU markets.
For Salmon, prices for Atlantic Salmon in Europe are soaring, reaching levels not seen in some 40 years.
The Fish Pool Index reached NOK 122.02 per kg during the week of May 1st, compared with NOK 65.83 per kg during the same week last year.
Key factors attributing to these price levels are booming demand driven by the post-pandemic recovery, tight early year supply and spiking input and freight costs.
Norwegian Farmed Salmon supply is also made more scarce by the increased prevalence of winter sores at Norwegian farms, which requires that harvested fish be downgraded in quality.
Although some decline from current peak prices is expected, global supply growth this year is unlikely to be sufficient to bring prices back down to the levels seen in recent years.
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