Global Tuna Prices Remain Steady Amid Abundant Supply

Tuna prices

As March draws to a close, the global tuna market remains in a state of both stability and abundance, with key price points in Bangkok, Thailand, and Manta, Ecuador, demonstrating little fluctuation. This enduring stability, coupled with an ample supply, has set the stage for significant procurement contracts by international retailers, notably the German giant, Lidl, which has embarked on large-scale purchases with several Ecuadorian canning factories.

Analyzing Tuna Price Stability

Overview of Current Prices

Tuna prices in Bangkok have held steady at $1300/ton, while in Manta, prices range between $1450 to $1500/ton. This stability is attributed to favorable fishing conditions in the East and West Pacific regions, where the abundance of catches has maintained prices at relatively low levels in recent years. The consistency in pricing reflects a market that, while ripe with supply, has yet to see any significant price surges or drops, creating an optimal environment for retailer strategies and contract negotiations.

Retail Strategies Amid Stable Prices

International retailers are capitalizing on the current market conditions to secure large-scale procurement contracts. Lidl’s recent orders with Ecuadorian canning factories such as Nirsa, Eurofish, Tri Marine’s Seafman Sociedad Ecuadoriana de Alimentos, and Tecopesca, encompassing up to 1500 containers, exemplify how retailers are leveraging the stable, low prices to bolster their supply chains. These strategic moves not only ensure a steady flow of tuna products but also underscore the competitive advantage gained by retailers in the current market.

Supply and Demand in the Tuna Market

The Role of Abundant Supply

The supply from Bangkok remains robust, with Peruvian waters also contributing significantly to the global stock, particularly bonito, which accounts for 70% of the catch. The efficient fishing progress, marked by reduced fuel consumption and time, further underscores the abundance of supply. Despite the observance of Easter in Western processing centers and potential uncertainties in April delivery prices, the supply’s sufficiency suggests that prices will likely remain stable or experience a slight decline.

Global Pressures and Competitive Landscape

The competitive landscape is adjusting to the stable, low-price environment, particularly impacting European fishing operations. With prices in other production areas under pressure, notably in the Indian Ocean region where MSC certified bonito prices hover around €1300/ton, European vessels face challenges in competing on cost with their Asian counterparts. The shift of Spanish vessels to the Indian Ocean during the Atlantic FAD fishing ban illustrates the strategic adjustments being made in response to market pressures.

Tuna prices

Environmental and Market Challenges

Sustainability and Certification Concerns

Environmental certifications, such as Dolphin Safe labels, are increasingly influencing procurement decisions within the industry. The recent suspension of purchases from Oceanwide by processing plants in the US and Europe, due to reports from the Environmental Justice Foundation (EJF) and the loss of Dolphin Safe certification, highlights the growing scrutiny on sustainability practices and the impact on market dynamics.

Market Responses to Environmental Reports

The industry’s reaction to environmental scrutiny and strategic shifts by companies to maintain market presence reflects a broader trend towards addressing sustainability concerns. With environmental reports putting certain practices under the microscope, companies are compelled to adapt their strategies to uphold industry standards and consumer expectations.

The global tuna market, characterized by stable prices and abundant supply, is witnessing a transformative phase driven by strategic procurement contracts and competitive adjustments. The interplay between market stability, abundant supply, environmental concerns, and strategic responses from retailers and processors is shaping the future landscape of the tuna industry. As companies navigate these evolving dynamics, the market’s direction will likely hinge on the balance between maintaining stable prices, ensuring sustainable practices, and adapting to competitive pressures, promising a period of significant transformation in the global seafood trade.

Haidong Seafood is China’s pinnacle of premium seafood offerings, including the finest scallops available. Our carefully selected range boasts top-tier bay, sea, and pen shell scallops, complemented by tender clam meat and superior frozen octopus. Position yourself at the cutting edge of the seafood market by choosing Haidong Seafood as your primary resource for the most recent trends, updates, and professional advice. Ensure you’re always in the loop – follow, subscribe, and engage with us to secure unparalleled quality and value in premium scallops. Explore more by clicking here.

Share:

Article navigation:

More Posts

Why choose us

Stable supply for completed High-quality seafood such as bay scallop and sea scallop with a large scale, high production efficiency, and short delivery time. 

Last Product

LEARN MORE ABOUT OUR PRODUCTS