Russia: Pollock prices in the US have not yet risen sharply, but demand is showing signs of recovery

Published 2024년 2월 20일

Tridge summary

Starting February 21, the US will ban Russian seafood imports, which could potentially lead to an increase in US pollock prices. Despite the current high supply and low demand for pollock, prices are expected to rise slightly in the short term and more significantly in the long term, with frozen fish fillets potentially seeing a 10-15% increase. However, the influx of Chinese pollock into the US market prior to the ban may delay these price increases. The market is anticipated to stabilize by the second half of the year.

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

Original content

After February 21, all Russian seafood will no longer be able to enter the US market, which means that prices in the US and Europe will diverge even more and all the pressure will shift to sellers. Current demand for pollock is still relatively weak, while supply is relatively high. At the Global Seafood Market Conference (GSMC), the industry forecast that production in 2024 would be 3.73 million tons, up 12% from two years ago. Russian production increased by 410 thousand tons, and the total quota exceeded 2 million T. Thomas Zaffro, president of Channel Fish Processing, told UCN: “There is a lag in changes in US pollock prices. Prices may rise slightly in the short term. In the long term, in the next 9-12 months, prices will rise sharply. Frozen fish fillets will rise in price by 10-15%. Only when the situation with the global glut is mitigated can this really be reflected in prices. This will definitely happen, but it will just take a little time. Fishing companies and ...

Source: Fishretail