Oceanic squid prices accelerate as market continues to heat up in March 2024

I. Overall performance of index operation

In March 2024, according to the data observation of Zhejiang Zhoushan International Agricultural Products Trade Centre Co., Ltd: from the operation of the monthly price index, the monthly price of China ocean-going squid continued to rise in March 2024, with the index closing at 175.78 points, up 5.90% year-on-year, continuing the trend of high growth in February; from the operation of the weekly price index, the prices of the weeks in March continued to rise, of which the third weekly price increase was Obviously, the index was 166.09 points, up 6.07%, the fourth week of increases narrowed.

Ⅱ. Squid monthly price index trend analysis

From the monthly price index trend: in March 2024, China ocean-going squid price index closed at 175.78 points, up 5.90%, up 11.32%.

Since March, squid prices have continued to rise at a high level as there has been no increase in market supply.
In terms of subdivided sea areas, the ocean-going squid price index rose in all sea areas. Among them, the price index of ocean-going squid in the Southeast Pacific Ocean had the biggest increase, with the index rising by 8.11% in March compared with the previous month; while the price index of ocean-going squid in the Northwest Pacific Ocean, Southwest Atlantic Ocean and Indian Ocean had a relatively flat increase, with the price index rising by 3.32%, 2.05%and 1.22% in March compared with the previous month respectively.

Ⅲ. Squid weekly price index trend analysis

From the weekly price index trend: in March 2024, the ocean-going squid price index showed a continuous upward trend, of which the price index rose most significantly in the third week. Specifically, the first and second weeks of March, the price index is running smoothly, the ring rate of increase are within 1%; the third week of squid prices rose sharply, the index rose to 166.09 points, the ring rate of increase as high as 6.07%, but also in 2024 since the weekly price of squid the largest increase; fourth week of the index is high and stable, the index closed at 169.13 points, the ring rate of increase closed to 1.83%.

From the perspective of subdivided sea areas: In March 2024, the squid price index of major sea areas showed an overall upward trend. Southeast Pacific and Northwest Pacific Ocean squid price index rose most significantly, the fourth week price index closed at 173.14 points, 152.52 points, up 9.86%, 10.42% over the first week, is the main reason for driving the price index upward; Southwest Atlantic and Indian Ocean squid price index trend is relatively stable, of which the Indian Ocean squid price index is high and gently moving upward .

Ⅳ. The market situation outlook

Since 2024, ocean-going squid prices have shown a rapid upward trend. On the one hand, the squid market consumption is picking up, while the slow growth of squid production in several major seas, there is a contradiction between supply and demand; on the other hand, with the increase in transport costs and the prolongation of the squid arrival cycle, it also pushes up the price of ocean-going squid. In the future, the trend of low squid production will not change in the short term, and squid prices are expected to remain at a high level.