Cod prices have reached a historic high, while demand for true cod slows down.

Historically, the price of pollock in the 40th week of 2008 rose to $1,820 per ton. In 2007, the U.S. Eastern Bering Sea pollock quota was set at 1.394 million tons, which was significantly reduced to 1 million tons by 2028, causing the price surge at that time. In 2026, the pollock quota in the U.S. Alaska Gulf was reduced by 25%, while the Eastern Bering Sea quota remained the same as last year; Russia's quota is approximately 2 million tons. A Russian seller told UCN: "Honestly, I can't believe people can still buy at these prices. It's terrible. Every time we think the price has reached its peak, it keeps rising." The rising raw material prices in Russia are related to the decline in Chinese inventory. After the Spring Festival holiday, Chinese factories gradually resumed production, and procurement demand increased again. The sustained high raw material prices mean that the price of twice-frozen fillets will also rise. According to insiders, the orders for twice-frozen products have not yet been fully confirmed, and the FOB price offered by Chinese processing plants has increased by $150-$200 per ton compared to two weeks ago, reaching around $3,550-$3,600 per ton. In the European market, the ex-warehouse price of once-frozen U.S. PBO pollock fillets in February was $4,250 per ton, while the price of once-frozen Russian PBO (excluding the 13.7% tariff) was $3,800 per ton. If the tariff is added, the import cost of Russian fillets is already higher than that of the U.S. Some insiders predict that at the exhibition in Barcelona, Spain, in April, the price of Chinese twice-frozen products may exceed that of once-frozen products. In 2025, China imported 565,000 tons of pollock raw materials, of which 95% came from Russia; about two-thirds of the twice-frozen fish fillets and block-frozen products exported from China were sold to the EU. Demand for Atlantic cod has eased In recent weeks, the price of Atlantic cod raw materials has basically stabilized. In the 9th week, the price of 1-2kg H&G Atlantic cod from Russia was $9,650 per ton, a decrease of $50 per ton from the previous week; the price of 1-2.5kg H&G from Norway was $11,300 per ton, down $100 per ton from the previous week. It is reported that Chinese processing plants can purchase from two sanctioned Russian companies, Norebo and Murman, at lower prices, and the finished products can be normally sold to the UK and non-EU markets. A Russian supplier said: "Currently, demand in China is slowing down. After the processing plants resume work in March, the price trend is expected to be clearer. The inventory of the sanctioned companies was recently sold to China, and I understand that a considerable amount went to Qingdao, which is $400 per ton cheaper than other sellers. Since the Ukraine crisis in 2022, Chinese factories have been making less money year by year. Most of them are just surviving, and it seems that the international community has not yet seen when this chaos will end."