At $1,950/MT, the Mintec Benchmark Prices (MBP) for Thai skipjack contracted by $475/MT (+28.8%) between June and Aug 2023. This surprised many market observers, who expected the Bangkok price to rise on account of fishing restrictions in the Western Central Pacific Ocean (WCPO) from 1st July to 11th September. However, Thai fishing fleets were unable to raise their price expectations due to buyer push-back. A market source said canners were “playing hardball” with raw material providers, stating that “they cannot sell finished products at $2,000/MT,” and looking for $1,900-1,950/MT wholesale delivered to port. The source also noted that Thai inventories of skipjack loins for canning are “relatively low for this time of year,” implying that buying activity should begin to accelerate ahead of strong seasonal demand in Q4 2023.
The price of Seychelles yellowfin tuna rose moderately through the June-August 2023 quarter, increasing by $0.03/kg (+1.1%) over the period. This was due to a combination of tightening Indian Ocean supply alongside steadily firming demand in the consumer markets of Europe and Asia. Yellowfin tuna prices are being supported by slower catch activities in the Indian Ocean and growing demand, with wholesalers looking to stock up ahead of the peak seasons in Mediterranean Europe and East Asia. The Seychelles price rose by $0.13/kg (+4.8%) y-o-y in August 2023.