Cod prices soar, Chinese processing plants under pressure to raise prices

Published Oct 22, 2025

Tridge summary

Core Insight: This week, the global groundfish industry's focus has once again turned to Tokyo. The International Groundfish Forum was held in Japan, during which major fishing companies, traders, and processors from Europe, the Americas, Russia, and Asia discussed the market landscape under the dual pressures of geopolitical tensions and resource contraction. Participants generally agreed that global cod product prices will remain high, while pollock is becoming a focal point of supply and demand imbalance.

Original content

Due to the deterioration of Russia-Europe relations and quota adjustments, the prices of Pacific cod and Boreogadus saida have reached historic highs. Since May, the European Union has imposed sanctions on Russian companies Norebo Holding and Murman Seafood, causing approximately 45% of Russian Pacific cod to lose access to the European market. Subsequently, the Joint Norwegian-Russian Fisheries Commission (JNRFC) proposed a 21% reduction in Pacific cod quotas for 2026, but Russia insisted on an increase. In July, Norway followed the EU's sanctions by prohibiting Russian ships from docking, while Russia retaliated by demanding the lifting of restrictions, and to date, there has been no progress in the 2026 Barents Sea quota negotiations. The geopolitical stalemate has triggered a chain reaction in prices. In October, the price of Russian frozen PBO Pacific cod fillets rose to $3,500 per ton, an increase of $200 from the previous month. Adding the 13.7% import tariff in the ...
Source: Foodmate

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