Pollock Prices Rise Again, Norebo Denies EU Accusations
Published May 29, 2025
Tridge summary
In Week 22 (May 26-June 1), the export price of Norwegian 1-2.5kg Atlantic cod H&G to China (CIF) increased by $300/ton compared to the previous period, breaking through $8,000/ton; Russian 1-2kg trawled cod rose to $7,000/ton, up 37% compared to the same period in 2024.
Additionally, due to the weakening US dollar, the Norwegian krone to US dollar exchange rate dropped from 10.40:1 a week ago to 10.12:1, further amplifying the cod price increase.
A Chinese buyer told UCN: "We've heard rumors about cod price increases, but no one in Asia can afford such prices."
Another source stated that only processors with existing contracts would be forced to purchase at high prices.
Furthermore, black cod prices also slightly increased, with Norwegian 800g+ black cod prices rising to $5,650/ton, while Russian black cod prices temporarily stabilized.
Market sources also noted that some fish fillets produced by Norebo remain in EU cold storage, mainly in the Netherlands, and from May 20, EU buyers cannot make payments to Norebo and Murman. With Barents Sea quotas declining sharply for consecutive years and production becoming scarce, small-size H&G (1-2kg) are directly shipped to China after arriving in the Netherlands.
Sources further indicated that Norebo's Hong Kong-registered subsidiary Wuza Yaki might also face EU sanctions, which owns European market trading operations. Uncertainty remains about whether Chinese buyers purchasing Norebo or Murman raw materials and processing them can sell to Europe, with the EU Commission providing no specific explanation.
"We will not buy fish fillets from China if they are produced using Norebo raw materials, unless there is a clear policy signal," an EU buyer said.
Another source mentioned that Norebo and Murman continue shipping to China, with finished products ultimately sold in the UK and other non-EU countries, accompanied by Norebo fishing certificates.
Before March 1, 2024, Wuza Yaki was registered as Norebo Hong Kong. Wuza Yaki is currently led by former Norebo executive Gunnar
Additionally, due to the weakening US dollar, the Norwegian krone to US dollar exchange rate dropped from 10.40:1 a week ago to 10.12:1, further amplifying the cod price increase.
A Chinese buyer told UCN: "We've heard rumors about cod price increases, but no one in Asia can afford such prices."
Another source stated that only processors with existing contracts would be forced to purchase at high prices.
Furthermore, black cod prices also slightly increased, with Norwegian 800g+ black cod prices rising to $5,650/ton, while Russian black cod prices temporarily stabilized.
Market sources also noted that some fish fillets produced by Norebo remain in EU cold storage, mainly in the Netherlands, and from May 20, EU buyers cannot make payments to Norebo and Murman. With Barents Sea quotas declining sharply for consecutive years and production becoming scarce, small-size H&G (1-2kg) are directly shipped to China after arriving in the Netherlands.
Sources further indicated that Norebo's Hong Kong-registered subsidiary Wuza Yaki might also face EU sanctions, which owns European market trading operations. Uncertainty remains about whether Chinese buyers purchasing Norebo or Murman raw materials and processing them can sell to Europe, with the EU Commission providing no specific explanation.
"We will not buy fish fillets from China if they are produced using Norebo raw materials, unless there is a clear policy signal," an EU buyer said.
Another source mentioned that Norebo and Murman continue shipping to China, with finished products ultimately sold in the UK and other non-EU countries, accompanied by Norebo fishing certificates.
Before March 1, 2024, Wuza Yaki was registered as Norebo Hong Kong. Wuza Yaki is currently led by former Norebo executive Gunnar
Original content
In Week 22 (May 26-June 1), the export price of Norwegian 1-2.5kg Atlantic cod H&G to China (CIF) increased by $300/ton compared to the previous period, breaking through $8,000/ton; Russian 1-2kg trawled cod rose to $7,000/ton, up 37% compared to the same period in 2024. Additionally, due to the weakening US dollar, the Norwegian krone to US dollar exchange rate dropped from 10.40:1 a week ago to 10.12:1, further amplifying the cod price increase. A Chinese buyer told UCN: "We've heard rumors about cod price increases, but no one in Asia can afford such prices." Another source stated that only processors with existing contracts would be forced to purchase at high prices. Furthermore, black cod prices also slightly increased, with Norwegian 800g+ black cod prices rising to $5,650/ton, while Russian black cod prices temporarily stabilized. Market sources also noted that some fish fillets produced by Norebo remain in EU cold storage, mainly in the Netherlands, and since May 20, EU ...
Source: Foodmate
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