Russian pollock export prices fall to six-year low, international market faces uncertainty

Published 2024년 6월 12일

Tridge summary

Russian pollock fillets and frozen pollock prices have dropped by 45% and 25% in Europe and China respectively, hitting a six-year low due to uncertainty in Russian fish supply to the EU and US because of sanctions. The US has banned seafood imports from Russia, while the EU and UK have tariffed Russian whitefish. The recent Dutch ban on Russian-flagged vessels from their ports has further increased uncertainty. However, Russian pollock remains the main source of the global whitefish market, and CEO of Dobroflot, Alexander Yefremov, is optimistic about prospects. Norebo's deputy director, Sergey Sennikov, suggests Russia may increase its global whitefish market share by supplying to South American and African countries.

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Original content

Buglak noted that as of May, the price of Russian pollock fillets in Europe had fallen by 45%, while the price of frozen pollock in the Chinese market had fallen by 25%. "Export prices for pollock are now at their lowest level in six years, back to 2017 levels," he explained. He attributed the price drop to "uncertainty about the supply of Russian fish and fish products to the EU and the US due to multiple restrictions." Russia continues to face extensive sanctions due to the war in Ukraine. The US has completely banned seafood imports from Russia, while the EU and the UK have imposed tariffs on Russian whitefish. Russian-caught pollock and cod - the two mainstays of the frozen fish processing industry - are sold at significantly lower prices than fish supplied by other countries, which has disrupted the global whitefish market. The Netherlands' recent decision to ban Russian-flagged vessels from its ports has added further uncertainty. Alexander Yefremov, CEO of Vladivostok-based ...

Source: Foodmate