Haitong warns of oversupply dragging on Chinese seafood prices

A major Chinese securities brokerage has issued a gloomy prediction regarding Chinese seafood demand and pricing in 2024. Haitong Securities said in a note to investors that the Chinese seafood market remains in “oversupply” and pointed to weak price growth through the New Year’s holiday. However, Haitong is forecasting a potential upswing in prices for the spring because of tighter supply due to destocking strategies employed by many Chinese aquaculture producers harmed by lower prices. “In…