According to the predictions of the Multi-Sectoral El Niño Phenomenon Research Committee (ENFEN) of Peru, the La Niña phenomenon is expected to gradually weaken, and it is anticipated that ocean conditions will remain neutral until April 2025, although negative anomalies may occur.

According to data observations from Zhejiang Zhoushan International Agricultural Products Trade Center Co., Ltd.: In terms of the monthly price index operation, the monthly price index for China's distant ocean squid rose significantly in August 2024, closing at 191.16 points, an increase of 3.58% compared to the previous month. In terms of the weekly price index operation, the price index steadily increased each week in August. Among them, the second week saw the largest increase, reaching 2.79%; by the end of August, the index closed at 187.11 points, up 6.23% compared to the end of July.

The gigas squid stocks are experiencing significant depletion, leading to a pronounced increase in price levels. From January to August of this year, the prices of gigas squid have remained elevated, with the annual average price reflecting an increase of nearly 62% points compared to the same period in the previous year. Notably, during the first week of June, Peru initiated the harvesting of smaller squid varieties, which were priced lower; however, the overall trend for squid prices in Peru has been upward. Particularly striking is the remarkable surge in prices observed in the first week of September, where the current weekly average price has reached 10,750 soles per tonne, marking the highest price level seen in nearly three years.

The future of the Falkland Islands' fishing industry is looking increasingly bleak, with the industry facing an unprecedented crisis as scientists warn about the long-term sustainability of the Loligo squid stock. Recently, the Falkland Islands Government was forced to call an abrupt halt to all fishing in the second fishing season of 2024 due to the plummeting squid stock, a decision that sent shockwaves through the Falkland Islands, Galicia, Spain and the entire South Atlantic fishing community.

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According to the National Oceanic and Atmospheric Administration (NOAA), the U.S. imported a total of 12,092 tons of pike crab from January to May, up 25% year-on-year; and the import price rose month by month, from $11.36/lb in January to $11.83/lb in May.

Recently, the wholesale price of eels in China's Guangdong Province has risen by a whopping 25 per cent compared to last year, with the wholesale price of small-size eels climbing to RMB 210,000 per tonne, while large-size eels have also reached a high of RMB 195,000 per tonne. Behind this price movement is a combination of factors.

China imported a record 12,542 tonnes of frozen squid from Argentina in May this year, with a total value of $42.5 million, according to the latest data from Chinese customs. The surge was attributed to heavy fishing by Argentine fishing vessels, which in the first half of 2024 in reached 153,000 tonnes, up 54% year-on-year.

South Korea's imports of frozen baby octopus reached 1,904 tonnes in May 2024, up 13 per cent year-on-year, indicating strong market demand, according to the latest data from Union Forsea Corp. Cumulative total imports this year have exceeded 10,629 tonnes, up 15% year-on-year.

In week 24 (June 7 to June 13), squid prices in the Southeast Pacific and Southwest Atlantic (offline) continued to rise, but at a slower rate. While Southwest Atlantic (offline) large size squid prices saw a downward revision, Northwest Pacific and Indian Ocean squid prices remained stable.

Chinese aquatic exporters faced a significant increase in transportation costs in May as vessels were rerouted around the Red Sea, according to exporters and news reports. The situation resulted in a severe squeeze on profits.

This year's squid harvest was unusual from the start. Southern Patagonia, located south of the 49°S parallel, is not exploited by a powerful fleet, but is operated by a fleet 200 miles away. However, since the start of the season, the crews of the 70-vessel Potera fleet have found surprising concentrations of squid in the area and at this time of year.