Prices for true cod, Pacific cod, and black cod continue to rise, with Chinese factories unable to halt the upward pricing trend

Russian 1-2kg headed and gutted (H&G) cod prices (CIF China) increased by $250/ton to $7,750/ton compared to the previous week, while Norwegian 1-2.5kg cod rose by $50/ton to $8,450/ton.

A European trader said: "Some processing plants have to barely maintain production, as they still have orders. Unless absolutely necessary, no one is willing to chase high prices. I think the US market is about to collapse, and we'll see how US tariff policies develop."

A Chinese processing company executive stated that cod prices are clearly too high, beyond what processing plants can bear.

The Barents Sea quota will be reduced by 25% in 2025 and potentially cut by another 21% in 2026, with the EU maintaining sanctions on two Russian suppliers, Norebo Holding and Murman SeaFood, keeping cod supply tight. Major buyer A. Espersen has stopped purchasing from these two Russian companies.

Saithe prices continue to rise

In week 29, Russian frozen saithe CFR prices for 25cm+ increased by $45/kg to $1,580/kg, a 3% increase.

A Russian supplier said: "I can feel buyers' resistance to high-priced raw materials, but they will ultimately still purchase."

Contracts for second-frozen saithe exported from China to Europe are ongoing, with many orders yet to be completed. Chinese processing plants are attempting to raise second-freeze prices but are being resisted by EU buyers.

Russian haddock prices continue to rise, Norwegian prices remain stable, Pacific cod follows suit

In week 29, Norwegian 800g+ haddock prices remained stable from the previous week, while Russian 500g-1kg prices continued to rise.

Influenced by Atlantic cod market trends, US Pacific cod prices are also increasing, with July transaction prices (FOB Netherlands port) in the $6,450-$6,900/ton range.