Barents Sea cod quotas may be drastically reduced in 2025 for Norway and Russia

Published 2024년 6월 23일

Tridge summary

The article reports a 20% reduction in the 2024 cod quota to 453,427 tonnes, due to proposed cuts and a US ban on processing Russian fish in third countries, leading to increased prices for Norwegian cod. Haddock prices are also under pressure with a recommended 24% decrease in the 2025 catch. Redfish and halibut quota proposals for 2025 and 2026 show decreases compared to previous years, indicating significant changes in the market for these fish species. The future price trends for cod and haddock are of particular interest due to these changes.

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

Original content

The 2024 cod quota has been cut by 20% as proposed, to 453,427 tonnes. This move, combined with a blanket US ban on processing Russian fish in third countries, has led to a sharp rise in prices for frozen trawled Norwegian headed and gutted (H&G) cod. Russian cod CFR China prices are also rising, but still have a price difference of more than $1,500/tonne compared to Norwegian cod, according to the latest data. Norges, held in northern Norway Ex-vessel prices for 1-2.5kg H&G haddock in week 24 (June 10-16) at the Rafisklag auction fell, although sources said this was mainly due to lower volumes. For haddock, scientists recommend a catch of 106,912 tonnes in 2025, a 24% decrease from the current quota and a 16% decrease from the 2024 recommendation. The 2024 quota is 141,000 tonnes, while the recommended catch is 127,550 tonnes. H&G haddock in Norway and Russia Haddock prices remain firm, with a spread of about $400/ton. For redfish, the proposed quota for 2025 is 67,191 ...

Source: Foodmate