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3-Minute Market Insight

EP 629 | AIRED 02/27/2023

China Update: Plants Reopen after CNY, Raw Materials Price Adjustments, Pacific Cod Short but Supply Coming Soon

Feb 27th, 2023 - Chinese New Year closures are over, employees are back at work, and processing plants have re-opened.

Sinbad Brands
The first wave (of an expected three waves of COVID cases in China this winter) is said to be over, and restrictions either in, or towards China, continue to be lifted.

Most plants are said to be struggling while a select few are thriving.

Plants that are thriving are said to be increasing their workforce, processing over 400 tons of raw materials per day, and producing over 15 containers per day.

China Update - China Price Matrix

Pollock raw materials pricing has bounced back up since Chinese New Year, however plant managers are speculating pricing to drop again due to slow markets in North America and EU.
EU buyers are said to be delaying orders that were to ship in February and March.

Haddock buyers may be getting the incentive they have been waiting for to secure large quantities as plants believe Haddock raw materials pricing may drop even further.

China Update - Catch Data Pacific Cod

For Pacific Cod, although raw materials supply in China is still short, the new fishing season is upon us.

Alaska has already harvested about 40,000 metric tonnes of Pacific Cod which equates to about 24 percent of the Total Allowable Catch of 168,000.

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Russia has over 18,000 metric tonnes of Pacific Cod harvested this year.

If you're looking to get into a Cod, Haddock, Pollock program, get in touch with your Tradex rep.

Our recommendation is to plan early but keep your finger on the pulse in the market.

China Update - Large retailers jumped in with new and old promos

Lastly as a quick reminder, Lent has started.

Large retailers jumped in with new and old promos such as 7-Eleven and their 2 dollar Fish Fridays Pollock Sandwich offer, Popeyes with their Flounder Fish Sandwich, and Red Lobster with Fish and Shrimp offers that span the week.

Lent runs from Feb 22nd to April 6th 2023.
Check out our 2023 LENT Menu

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