Mintec Indian prawn prices picked up between July-October 2019 due to seasonal demand and lower production in India, mainly as a result of continued disease impacting the overall supply. The average price between August-October, significantly increased by 16% compared to the previous quarter.
Market participants anticipate India’s prawn production for 2019 to fall as low as 550,000 tonnes from 700,000 tonnes in 2018. This drop is mostly due to low prawn stocking during the first crop. Indian farmers have been discouraged to increase prawn production due to very low returns. In addition, poor weather conditions during monsoon resulted in flooding causing many prawns to be washed away from the ponds.
As India is the main prawn exporter, diminished availability could have significant ramifications for the global prawn markets, adding upward pressure to global prices.
From weather 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.