The three-month average price (Jun-Aug) of Thai skipjack tuna is significantly down, 29% q-o-q and 26% y-o-y, driven by exceptional catches in the market amid strong inventories. With the ban on catches with fish aggregating device (FAD) in July, prices started to strengthen in August.
Fishing in the Western and Central Pacific Ocean (WCPO) is slow due to the FAD ban, however, inventories at Thai canneries remain close to full capacity. As a result, prices have been falling, thus encouraging demand for Thai tuna. Consequently, imports of Thai canned tuna increased by 4% y-o-y in H1 2019.
From weather to political, all the factors impacting the tuna 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.