The average price of Indian prawns increased by 3% between November 2019 and January 2020, compared to the previous quarter (August to October). Prices dropped m-o-m in November, in line with reports that Indian prawn production saw a y-o-y increase in 2019, against initial expectations of a decline. However, prices strengthened in December, supported by demand from China and increased sales ahead of the Chinese New Year.
Global prawn prices are likely to be pressured over the next few months, as global trade adjusts to the market dynamics in China, following the recent coronavirus epidemic leading to a massive shutdown and disruptions to the seafood market. As a result, Chinese demand for seafood is expected to contract, leading to a supply glut in the global market, thus weighing on global prawn prices.
From economical to political, all the factors impacting the prawns market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.