Affected by this news, Atlantic cod prices rose again, with Norwegian 1-2.5kg CIF cod prices increasing by $150/ton to $8,400/ton; Russian 1-2kg cod prices increased by $100/ton to $7,350/ton.
According to scientific recommendations, the 2026 Barents Sea quota was again reduced by 21% to 269,440 tons (including the total quota for Norway and Russia). The haddock quota increased by 18% to 153,293 tons. In 2025, the Barents Sea cod quota decreased by 25% to 340,000 tons; the haddock quota decreased by 8% to 130,000 tons.
A European trader told UCN: "Price increases are influenced by expected production declines, but ultimately consumers will be the market's driving force. If raw material price increases affect fish fillets, fish portions, or other finished products, they will reduce consumption."
A Russian supplier said that the scientifically recommended production reduction was within market expectations, and prices have already been taken into account, with potential for further price increases.
In the US market, various wholesale cod product prices have increased by 10-23% since the beginning of 2025. US cod must be non-Russian, with raw materials primarily from Norway, typically undergoing secondary processing in China.
As of week 26, Norway's remaining quota was 47,032 tons, with 21,423 tons remaining for trawlers, which are the only vessels that can produce two-go raw materials for Chinese factories.
On the other hand, Russian suppliers stated that Russian fishing vessels will also end fishing early, and if both Norway and Russia complete supplies ahead of schedule, year-end supply will be very tight.
Buyers are still seeking alternative sources of Atlantic cod, with US Pacific cod prices also rising rapidly.
Haddock Market Easing
The 2026 scientific recommendation for haddock quota increased by 18% to 153,293 tons, bringing some relief to the tight market.
European traders said: "We will see haddock prices adjust downward, which is a welcome piece of good news. In the UK, US East Coast, and Canadian Atlantic regions, there may be substitution of haddock for cod, with consumers in these markets purchasing both types of