The price of raw materials for Russian pollock has slightly decreased but remains at a record level.

According to the latest quotations provided by multiple export companies and Chinese importers, the prices of Russian headed and gutted (H&G) frozen pollock arriving in China (CFR China) for the 52nd week of 2025 (December 22-28) saw a slight decrease of about $30 per ton compared to the previous week, but still remained at the highest point for the same period in previous years. Data shows that the prices of 25+ size Russian pollock have been fluctuating at high levels for several consecutive weeks, reaching a year-end high not seen since records began in 2005. Even compared to the high price stage before the 2008 international financial crisis, the current price level has already significantly exceeded the peak of that year. Despite the high prices, trading activity has noticeably decreased. Three Russian exporters and two trading companies that have long-term cooperation with Chinese factories all stated that the current market transaction volume is low, and many buyers and sellers are choosing to wait and see. Due to the high spot prices, some Russian sellers have temporarily stopped quoting prices, waiting for clearer market signals next year. One exporter from the Far East region pointed out, "We do not intend to sign new contracts at this price level; the spot price is too high, and signing long-term agreements carries too much risk." Meanwhile, Chinese processing factories are still maintaining a certain pace of procurement, but more are adopting a strategy of locking in some forward resources in advance. According to industry sources, some contracts for delivery in January 2026 have already been finalized, with transaction prices generally ranging from $130 to $180 per ton lower than the current spot prices. Chinese companies generally believe that despite the significant price pressure, considering the steady orders for subsequent processed products such as pollock surimi and fish fillets, it is necessary to ensure a continuous supply of raw materials. On the Russian side, some export companies adhere to a "spot-focused" sales strategy, believing that the spot market will remain strong in the first half of 2026. A representative of a major Far East fishery group stated, "The market is still tight, and there is limited room for prices to fall. We would rather sign fewer contracts to ensure profits." There is also news that some exporters plan to postpone price negotiations with Chinese customers and will re-evaluate the market situation after the A season catch next year. Overall, the Russian pollock market at the end of 2025 concluded the year's trading with a pattern of high prices and low transactions. Although prices have loosened slightly compared to the previous week, the year-end average price still set a historical record, making it the strongest closing situation in the past two decades. The industry generally believes that this trend has set a "high opening and stable" tone for the global pollock trade in 2026, and also indicates that a new round of competition between China, Russia, and Europe and the United States regarding raw material procurement and processing profits is about to unfold.