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3-Minute Market Insight

EP 633 | AIRED 03/27/2023

China Update: Market Slow, Raw Materials Dropping, Russian Seafood Predictions

Mar 27th, 2023 - Processing plants in China now have a better picture of the market after attending the Boston Seafood Show.

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The market is still slow, and all raw materials are dropping.

Both plants and buyers are feeling this year could be the worst year for the seafood business in China ever.

Pollock pricing has dropped, and plants believe it will drop even further as Russia is forecasted to produce 2 Million Metric Tonnes of Pollock this year.

Russia will need to sell into China as the EU is not buying single frozen Pollock from Russia due to the war.

Alaska & Russia Pollock Harvest Data

China is predicting US buyers to purchase less Russian origin fish this year as Alaska’s Pollock quota increased 12 percent to 1.49 million metric tons.

Salmon pricing is predicted to drop this year due to a large Salmon forecast out of Russia and Alaska which could mean up to 2.2 billion pounds globally.

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Russian boats will try to sell them all into China and both Pink and Chum Salmon portions are predicted to be at very low prices this year.

Buyers are waiting in line to buy Rock Sole from plants, but not all plants are getting raw materials from Alaskan boats.

Flounder Pricing

Flounder price remains firm, but the volume is 27 percent less than last year, and plants are struggling to find enough raw materials.

Our recommendation is to assess your overseas value added seafood requirements for the year.

It’s looking like a very opportune year for seafood purchasing so call Tradex Foods now to explore opportunities.

Lent runs from Feb 22nd to April 6th 2023.
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