Bullish Sentiment Fuels Argentina’s Illex Squid Season

April 11, 2024

2 mins read

 

Mintec Analytics data reveals that the Illex squid (Illex argentinus) complex has experienced an overall price increase since the start of the squid season in January 2024 at the Argentinian section of the southern Atlantic Ocean. The market trends observed during March include the following:


•    Squid Illex tubes U5 CIF Europe rose by 4.87% m-o-m, reaching a price of $4.52/kg.
•    Squid Illex tubes U7 CIF Europe reached $4.37/kg (+10.35% m-o-m)
•    Squid Illex tubes U10 CIF Europe experienced a 13.21% m-o-m price growth, reaching $4.37/kg.
•    Squid Illex rings 3-6cm CIF Europe showed a slight decline of -0.4% m-o-m to $4.74/kg.


Exporters in Argentina are anticipating a successful season for Illex argentinus landings. According to the latest update from the Argentinian Ministry of Agriculture, Livestock, and Fisheries on March 19th, 85,546 metric tonnes of Illex squid were caught, constituting 55% of the total landing in 2023. This signifies a 29.13% increase in landings from January to March compared to the same period last year, with five months left of the season, which concludes on August 31st. 


However, jiggers' and trawlers' catches were varied in March, and there was a reduction in specimen sizes. The primary factor impacting the catch has been extreme weather conditions, which have dispersed the squid schools, making them harder to locate. In addition, changes in water temperature patterns may have been responsible for changes in the vertical distribution of the squid schools, further complicating catch efforts.


The Council of Argentine Fishing Companies has requested the early opening of fishing operations for Illex argentinus in the fishing area delimited north of the 44° parallel of the southern latitude. Despite the inconsistent supply of Illex from Argentina to China, the price of raw material had shown lower prices in comparison with the previous weeks due to a sense of abundance resulting from good catches in the Falkland Islands and outside the Argentine Exclusive Economic Zone (ZEE) in the past month. 

Topics: Fish & Seafood
Boris Ampuero Oyarzo

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