Speed, depth of yellowfin price collapse shocks industry veterans

The coronavirus-driven drop in foodservice demand for yellowfin tuna globally has wiped €500-€550 from price levels in the past month, sources told Undercurrent News., Prices for 10-15 kilogram brine-frozen, whole round, yellowfin tuna delivered to Spain for canning are at €1,800-€1,850 per metric ton, down from €2,350/t at the start of May, sources said. The last time the prices were in this range was June 2015, when they dropped to €1,700/t, according to the prices section on Undercurrent’s data page, which goes back to the start of 2012., “I don’t know anyone that has seen a drop so far and so fast before,” one veteran tuna sector source (source A), who asked not to be named, told Undercurrent. In February, prices were at €2,700/t, one of the highest levels on the Undercurrent portal., “A drop of €300/t happened in 2003. In 2020, at €2600-€2700/t, we were at the [price] ceiling, a drop was more likely than stability. But, so far so deep, just incredible,” he said. Data Get ...