The price difference between the United States and Russia for pollock is widening. Will the EU also ban Russian raw materials?

Published 2024년 4월 3일

Tridge summary

Starting January 1, a 13.7% tariff has been imposed on pollock products using Russian raw materials entering the European market, with the US ceasing acceptance of such materials from June 1. Despite the tariffs, Russian fillets remain cheaper in Europe compared to US products, though the price of Russian pollock raw materials has increased. There's a low inventory in China, hinting at potential price hikes. European buyers, anticipating changes, had stockpiled haddock fillets, leading to a drop in imports in January. Amidst this, there's growing consumer and retailer reluctance in Europe towards Russian seafood, fueled by political tensions and calls for a ban on Russian food imports, mirroring actions already taken by the US. This sentiment is particularly strong in Scandinavia and is spreading across Europe, with expectations that consumer and retailer actions may precede official bans.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Starting from January 1 this year, all pollock products (including processed products from third countries) using Russian raw materials entering the European market will be subject to a 13.7% tariff; starting from June 1, the United States will no longer accept Russian raw materials. It is expected that before the end of May, there will be secondary frozen fish fillets shipped to the United States. Sources told UCN that the price of US PBO fillets sold to Europe in the A quarter of 2024 is $3,400-$3,500/ton; the price of Russian PBO in the A quarter is $2,700/ton (excluding tax). If tariffs are added, the price of Russian fillets is around $3,070/ton, which is $400/ton lower than that of the United States. The price of secondary frozen fish fillets in China is $2,400-2,500/ton (FOB, excluding tax). Recently, the price of Russian pollock raw materials has increased, and 25cm+ two-cut raw materials (H&G) have increased from $880/ton in the 8th week to $980/ton in the 12th week. ...

Source: Foodmate