Russian cod prices surge, haddock follows suit

Multiple sources confirmed that after the Barcelona exhibition (April 25), the price of cod rose again, and the increase in Russian raw materials was more obvious than that of Norway. The main reason for the price increase is that the market has realized that the supply is getting smaller and smaller. In week 18, the price of Norwegian cod 1-2.5 kg was $6,700/t, and this week some suppliers offered as high as $7,000/t. The quota of Norwegian cod in 2024 is 219,041 tons, lower than 298,696 tons in 2023, and the remaining quota is 65,150 tons as of week 18. The price of cod at the Norwegian auction house in week 18 was NOK 65/kg, a record high. The US government's ban on seafood trade with Russia will take effect on June 1, and US buyers are no longer accepting orders for Russian cod raw materials. Haddock products are not on the sanctions list, so the price difference between Russian and Norwegian haddock is small. During the Barcelona exhibition, some US buyers are still ordering ...