The average price of Norwegian-caught Atlantic cod reached a six-month high of NOK 18,255/MT in June 2021, increasing by NOK 2,092/MT (+12.9%) m-o-m, which may be attributed to improving demand in key European markets, as lockdown restrictions gradually ease. However, the June 2021 average lagged the June 2020 price by NOK 588/MT (-3.1%) y-o-y, due to comparatively higher availability related to a 20% increase in the Barents Sea cod catch quota for 2021.
Conversely, the monthly average price of Norwegian-landed haddock contracted by NOK 1,886/MT (-17.9%) m-o-m and NOK 3,553/MT (-29.1%) respectively in June 2021, reaching a four-year low of NOK 8,645/MT. This appears to be related to robust supply caused by an 8% increase in the Barents Sea haddock catch quota for 2021, against tepid out-of-home demand, particularly from the foodservice industry, where high frozen inventories and affordable cod prices are driving a substitution effect towards cod consumption.
The June 2021 monthly average price of Russian-caught Alaska pollock increased marginally by RUB 0.7/kg (+0.7%) m-o-m to RUB 102.8/kg, although remains 6% below the pre-pandemic five-year average (2016-2020) price of RUB 109.1/kg. The market remains fundamentally weak in light of plentiful availability contrasted with China’s continued import restrictions on Russian seafood, as China is the main export market for Russian-caught whitefish species. This is reflected in the June 2021 price contracting by RUB 11.7/kg (-10.2%) y-o-y.