The European haddock fillet market is overheated, and the price of Russian fish fillets has plummeted by 40%

The European pollock fillet market is experiencing a decline in demand and prices, especially for Russian fillets, with a 21% drop in demand and a 26% drop in average prices in the first half of 2024. This is due to increasing freight rates and potential new trade restrictions on whitefish imports from Europe. The fall in prices is more pronounced for Russian fillets, compared to those from China and the US. The market is further uncertain due to rising transportation costs. However, despite these challenges, there is expected growth in Russian surimi products, with surimi production projected to exceed last year's figures in 2024, driven by a national investment quota program and the operation of new ships capable of producing surimi.

Recently, the European pollock fillet market has been "overheated", with demand and prices falling sharply, and the sales of Russian fillets are particularly severe. Alexey Buglak, chairman of the Russian Pollock Fishing Association (PCA), said that with the increase in freight rates and the possible new trade restrictions on whitefish imports from Europe, market expectations have become more pessimistic. According to the Russian Pollock Fishing Association, in the first half of 2024, the demand for pollock fillets in Europe fell by 21%, while the average price fell by 26%. Among them, the price of Russian fillets fell the most, reaching 40%; in contrast, the price of fillets from China fell by 27%, and the price of fillets from the United States fell by 25%. The price gap between Russian and American fillets has widened to $1,129 (1,016 euros) per ton during this period. Buglak pointed out at the 7th Global Fisheries Forum in St. Petersburg that the weak sales of European pollock ...