Price Drop Forecasted for Indonesian Giant Octopus

According to European buyers, Indonesia's giant octopus (Species: octopus cyanea; octopus Vulgaris) is expected to drop its prices in W41. Sources from Greece expect a reduction in price due to low global demand. Indonesian suppliers have a high inventory of octopus and are currently trying to clear stocks and are inclined to cut prices for interested buyers. However, European buyers are waiting to see how the situation develops as the price is forecasted to drop in the upcoming weeks. Once requests start to increase, octopuses will return to their base price. In W41, the price level is USD 6.00 to USD 8.00/kg for different sizes, but it's forecasted to decrease to USD 4.50 to USD 6.00/kg for a finished product.