Russia: Barents Sea quota cuts, cod and haddock prices rise

Published 2024년 10월 23일

Tridge summary

The Norwegian-Russian Fisheries Committee will meet on October 24-25 to set the Barents Sea fishing quotas for the next year, following scientific advice to cut cod and haddock quotas by 31% and 24%, respectively. This has caused a significant rise in the prices of Atlantic cod and haddock, with Norwegian cod reaching $7,200/ton and Russian cod $5,600/ton. Norwegian haddock prices have increased to $4,450/ton, while Russian haddock is priced at $4,400-4,500/ton. The price surge is partly due to Chinese factories buying raw materials early for the Spring Festival. Notably, haddock products are exempt from US sanctions, allowing Chinese factories using Russian haddock to continue exporting to the US.

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

Original content

On October 24-25, the Norwegian-Russian Fisheries Committee will hold its annual meeting to confirm the specific quota for the Barents Sea next year. Prior to this, the scientific community recommended that the Barents Sea cod quota (excluding the Icelandic quota) be reduced by 31% to 311,587 tons, and the haddock quota be reduced by 24% to 127,550 tons. Under the influence of this news, the prices of Atlantic cod and haddock rose sharply. A European merchant said: "The panic in the market has pushed up the price of cod, because some Chinese factories have to buy raw materials in advance to fill the production gap before and after the Spring Festival." Week 42 (October 14-20), 1 -2kg headless and gutless (H&G) Norwegian cod price (CFR China) rose by $100/ton to $7,200/ton compared with the previous week, and Russian cod price rose to $5,600/ton. In addition, the price of haddock rose significantly, with the price of 500g-1kg Norwegian ...

Source: Foodmate