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3MMI EUROPE | EP 009 | AIRED 08/04/2025
China Raw Materials Update - A. Cod, P. Cod, Pollock, Haddock, Halibut
August 4, 2025 - As the third quarter progresses, European seafood buyers should prepare for continued raw material price escalation across major whitefish species, as Chinese processing plants face a tightening raw materials market driven by aggressive quota cuts, growing domestic demand within China, and constrained supply from Russia and Norway.
Chinese reprocessors are pushing back against the increases, but with limited success.
Russian vessels remain firm on pricing, as more supply is being redirected toward China’s domestic market rather than for export-oriented processing.
Atlantic Cod pricing surged again last week, with Russian A. Cod at $7,750/MT and Norwegian A. Cod reaching $8,450/MT - a new all-time high.
The market is reacting to a 25% quota cut in the Barents Sea for 2025, with further reductions of up to 21% expected in 2026.
Norwegian Haddock remains stable at around $5,800/MT, while Russian Haddock has now climbed above $5,700/MT, narrowing the price gap significantly.
With Cod prices surging, Haddock continues to serve as a substitute species and is attracting greater interest.
The rise in Atlantic Cod pricing is now influencing the U.S. Pacific Cod market. Alaskan Pacific Cod (trawl-caught, FAS) is now quoted between $6,500–$6,800/MT CFR China.
Despite steady supply from Alaska, pricing is expected to remain firm through the remainder of Q3.
Halibut remains in short supply, with no firm offers available in the Chinese market. Price indications are sitting around $9.50/kg, but with no guarantee of volume.
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Both Russian and North American sources are facing availability issues.
Our recommendation is that buyers secure Q3-Q4 whitefish volumes now, with a focus on Cod, Pollock, and Haddock, as raw material prices show no signs of softening.
Supply is tightening across all major whitefish species heading into late Q3, with rising raw material costs for Pollock, Cod, Haddock, and Pacific Cod.
Reprocessed Pollock availability continues to decline, Cod prices have reached record highs, and Haddock is following closely behind.
Halibut remains extremely limited, with no firm offers available and only speculative pricing.
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