Atlantic cod is showing signs of softening, particularly in smaller fish sizes, with Russian and Norwegian raw material easing to approximately $9,800–10,600/MT. Demand remains steady, but buyers are increasingly focused on value opportunities and have become less selective regarding size specifications. Haddock remains the weakest whitefish segment, with raw material values around $7,200–8,400/MT and processors reporting comfortable inventories and limited purchasing interest, creating ongoing downward pressure on pricing.

Pollock prices have eased slightly from recent peaks but remain near record highs. Russian raw material continues to trade above $2,000/MT, while U.S. material remains largely unavailable due to high pricing. Finished pollock fillets remain around $2.00/lb FOB China, and migas prices continue to exceed $5,000/MT due to tight raw material supply. The market generally views the recent decline as a temporary correction rather than a shift in fundamentals.



Pacific halibut remains one of the tightest markets, with no new raw material offers reported and the last indications remaining near $15.50/kg. Supply continues to dictate pricing across the category.

Salmon markets continue to strengthen as new-season supply enters the market. Pink salmon prices are moving higher, with Russian raw material now around $6,000/MT, new-crop Russian offers near $7.30/kg, and U.S. new-season offers generally ranging from $2.50–2.70/lb, with some sellers testing $2.75/lb. Processors report increasing replacement costs as inventories of quality fish become harder to secure.

Chum salmon remains firm, supported by limited availability of quality raw material and continued difficulty sourcing fish suitable for premium production. Meanwhile, sockeye salmon is trending higher as the season begins, with Russian 2s starting around $8.00/kg and market sentiment remaining bullish as buyers seek early-season coverage.

Looking beyond whitefish and salmon, China's buying activity continues to shape global seafood trade flows across several key species. China's influence on global seafood markets remains evident in Argentina, where Chinese buyers absorbed 75% of all Argentine Illex squid exports during the first five months of 2026, with demand rising 38% year-over-year. China also remained the largest destination for Argentine shrimp tails and has resumed purchases of Patagonian toothfish, highlighting continued buying interest across both commodity and premium seafood categories.



Our recommendation is to secure coverage on Pacific cod, pollock, halibut, pink salmon, and sockeye salmon where possible, as persistent supply constraints are likely to keep pricing firm through the summer. Conversely, buyers may find better value opportunities in Atlantic cod and haddock, where comfortable inventories and softer demand are creating downward pressure on prices, particularly in smaller fish sizes.

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