EP 597 | AIRED 07/11/2022
Pressure Mounting on Halibut Pricing, China Supply/Production Update
July 11th, 2022 --- This week we report on Halibut, and update on the latest supply and production situation in China.
Pressure is mounting on Halibut pricing as they may be too high for the current market - However, pricing is still very strong on H&G and Fletches.
Current pricing on 10/20, 20/40, and 40/60 Alaskan Longline Halibut is running from the low to mid $11 range.
In 2021, average pricing was around $9.25/lb USD.
Most processors are still selling fresh and are only processing frozen on an order-by-order basis.
The latest Pacific Halibut harvest figures is 10.4 million pounds by July 1st - which equates to 32 percent of the fishery limits, and 600,000 pounds behind the pace of last year’s landings.
Over in China, some small plants in Dalian are still not open; one cold storage in Qingdao has completely shutdown due to positive COVID cases; and according to our sources, a Dalian coldstorage that still remains closed (for almost a year now) contains over 50,000 metric tonnes of fish which also means most of it will be exceeding the expiry date soon.
Some Alaskan boats still have 2021 Pink Salmon and are offering them to processors at $2.15/lb USD (which is the same pricing as 2022 fish).CHECK OUT OUR #WhatsGood CAMPAIGN
Which Seeks To Spotlight Something “Good” Happening In The Seafood World As Opposed To Unfortunate News.
Pacific Cod will continue to be short for processing in China this year.
Sales have slowed down into North America and the EU as buyers take summer vacation but sales are anticipated to bounce back by August or September.
With that said, Tilapia prices have been dropping and we believe they may have reached their lowest point.
And lastly, Japan recently announced they are not accepting any Russian fish (or Russian origin fish processed in other countries) which means they will keep chasing Alaskan Chum and Pink this year, which would push up the pricing higher.
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