China: Demand is sluggish, Norwegian cod prices plummet, and quotas will be cut by 20% in 2024

Recently, the price of Norwegian cod has fallen sharply, almost approaching the price of raw materials in Russia. The Barents Sea quota will be reduced by as much as 20% next year, and the price increase momentum has not yet come before the end of the year. ​ As of December 22, the shipping price of 1-2.5 kilograms of Norwegian cod was NOK 38.86/kg ($3.75/kg), a 12% drop in a week, falling to a new low since 2022; the output that week was 3,125 tons, a record high since 2022. New high (Source: Norwegian auction house Norges Rafisklag). ​ Since the 42nd week, the price of Norwegian cod has begun to fall from a high of NOK 45.60/kg (equivalent to CFR China $4,450/ton). The current CFR China price has dropped to $4,100/ton, which is only slightly higher than the Russian price ($3,900/ton). ​ One supplier told UCN: "Russian raw material prices have fallen in recent months, but Norway has fallen even more. If you look at prices over the past six weeks, Russian prices have ...