Oceanic Squid Price Growth Slows as Signs of Supply Tightness Ease

I. Overall performance of the index operation

In April 2024, according to the data observation of Zhejiang Zhoushan International Agricultural Products Trade Center Co., Ltd: from the operation of the monthly price index, the monthly price of China ocean-going squid continued to rise in April 2024, the index closed at 182.11 points, up 3.61% from a year earlier, the rate of increase slightly narrowed compared with that of March (5.90%); from the operation of the weekly price index, the price of each week of April rose first and then fell, of which The first and second week prices continued to rise, the second week index for the highest ever 171.28 points, a slight increase of 0.29% over the ring, the third week the index rushed high and fell back, the index closed at 170.06 points, down 0.71%.

II. Trend analysis of the monthly price index for squid

From the monthly price index trend: in April 2024, China Ocean-going Squid Price Index closed at 182.11 points, up 3.61% sequentially and 14.60% year-on-year.

In April 2024, the squid market supply tension has eased, but the market demand remains strong, giving support to squid prices.

Trend of China ocean-going squid price index (month)

From the point of view of sub-sea areas: ocean-going squid price index of each sea area “three up and one down”. Southeast Pacific Ocean, Northwest Pacific Ocean and Indian Ocean oceanic squid price index have risen, of which the Southeast Pacific Ocean oceanic squid prices rose the most, in April the index rose 5.52%, is the main reason for the total index rose; Southwest Atlantic Ocean squid price index from up to down in April the index of 189.05 points, a decline of 0.85%.

Pelagic squid price index by sea area, year-on-year increase or decrease

III. Trend analysis of the weekly price index for squid

From the weekly price index trend: in April 2024, China ocean-going squid price index rose first and then fell. Specifically, the price index rose steadily in the first and second weeks of April, with a ring rate of 0.98% and 0.29% respectively, of which the index was 171.28 points in the second week, the highest point in history; squid prices turned from up to down in the third week, with the index slipping to 170.06 points, a slight drop of 0.71% from the previous week.

China Pelagic Squid Price Index Trend (weekly)

From the point of view of subdivided sea areas: in April 2024, the squid price index of major sea areas had mixed results. Among them, the squid price index in the southeast Pacific Ocean and Indian Ocean waters continued to rise, as of the third week the index closed at 177.24 points, 190.18 points, up 1.02%, 2.42% over the first week; the squid price index in the southwest Atlantic Ocean waters continued to fall in April weekly price index, the index closed at 150.80 points in the third week, a drop of 3.85% over the first week; the northwest Pacific Ocean Sea squid price index first rose and then fell, the third week index closed at 132.62 points, down 13.05% from the previous week, the decline was obvious, is the main reason for the weekly price index to fall back to the high.

Analytically, the impact of increased production of the Taiwan version of Argentine squid led to a cooling of the Southwest Atlantic squid (Argentine squid) market.

Weekly Price Index Runs for Pelagic Squid by Sea Area, April 2024

IV. The market trend outlook

In April 2024, affected by the burst production of Taiwanese version of Argentine squid, the rise of ocean-going squid price slowed down. The first batch of landed Taiwanese version of Argentine squid was quoted at around RMB 27,500/ton, forming a huge cliff difference with the high price of RMB 33,000-34,000/ton in the previous period. Most of the downstream factories are holding a wait-and-see attitude and the probability of large quantity stocking is greatly reduced, while the whole squid market is expected to show an overall downward trend.