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3-Minute Market Insight

EP 694 | AIRED 06/10/2024

EU Market Update: Key Trends, Price Movements, Strategic Insights

June 10th, 2024 - Despite improved economic prospects and slower inflation, EU consumer sentiment remains cautious. Shrimp prices are rising due to low supply, while cephalopod prices are falling due to oversupply. Cured cod producers face high raw material costs, leading to elevated prices and low consumer demand, especially during the summer.

In the groundfish sector, the wholesale market at Rungis (the largest wholesale food market in the world) has seen a decrease in the price of fresh whole cod compared to the previous month.

The US hake season started well, but prices remain low due to a strong supply of Alaska pollock.

For flatfish, prices for wild sole and turbot have risen significantly, increasing by at least 1 Euro per kg within the month. This rise in flatfish prices indicates a tightening supply in the market.

EU Market Update

The tuna market shows regional variations. In the Eastern Pacific, stable fishing conditions and good supply have lowered skipjack prices below Bangkok (a major hub for tuna trading), with yellowfin prices stable.

In the Indian Ocean, improved fishing has dropped skipjack prices but increased yellowfin due to European demand. In the Atlantic, moderate fishing conditions keep skipjack prices high, while yellowfin prices remain stable.

EU Market Update

For Small Pelagics, rising concerns over the sustainability of the Atlanto-Scandian herring stock in the northeast Atlantic have pushed herring prices up.

This increase is driven by the potential collapse of the herring stock if conditions do not turn around.

For Cephalopods, the South African squid market experienced a price drop of 1 Euro per kg for smaller sizes in May.

EU Market Update

Conversely, the Southwest Atlantic Loligo season started well, with good production levels reported and sufficient stock in the Spanish market.

Meanwhile in the Crustaceans market, prices for large/medium Argentinian red, and large Indonesian shrimp have seen increases.

April is typically the peak season for shrimp and countervailing duties for US shrimp suppliers are expected to increase prices further.

Additionally, rising production has led to price declines in lobster and crab.


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In the Farmed Salmon market, Norwegian exports saw record high prices for fresh whole salmon in April all while export volume is down slightly compared to last year.

The three most important markets during this period were Poland, Denmark, and the United States.

Additionally, there was significant growth in trout exports from Norway, with prices for fresh trout fillets reaching record highs.

EU Market Update

In the seabass and seabream market, prices have shown mixed trends.

Seabream prices have continued to rise in Spain while prices for medium-sized seabass have weakened due to increased supply, dropping by 16% since the start of the year.

Large seabass remains in short supply, commanding a high price of around 13.80 Euro per kg.

EU Market Update

Our recommendation to buyers is to monitor supply chains, diversify sourcing, and focus on market trends. Contact your Tradex Foods representative for all your European market requirements.

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