Abalone back in demand as Chinese New Year demand pushes prices at key markets

One of the biggest wholesale markets in China is reporting price jumps of 30 to 50 percent on certain species compared to last year as the Chinese New Year season gets into full swing.

Vendors at the Hai Xia market in the southerly city of Fuzhou are reporting crab prices of CNY 200 (USD 29.07, EUR 27.18) per 500 grams, with similar prices for vannemei shrimp. Meanwhile, there’s been a doubling in prices for Argentine squid, in part due to shortages of supply from the region.

Management at the market told SeafoodSource that species in strong demand are squid, saury, octopus and ribbonfish. These species are all favorites for home-prepared meals at Chinese New Year, which falls on 28 January.

Prices are also soaring in the run-up to Chinese New Year at the Xing Wen Li, a key wholesale market in the wealthy east coast city of Wenzhou. Average prices for large-sized yellow croaker are up 109 percent to an average CNY 370 (USD 53.78, EUR 50.28) per kg since December, according to the market administration office.

Other prices quoted by management to SeafoodSource:

• River crab prices jumped 92.3 percent since mid-December to a current CNY 250 (USD 33.98, EUR 36.34) per kg.
• Mantis shrimp is selling for CNY 80 (USD 11.63, EUR 10.87), up 14 percent on mid-December.
• Ribbonfish is selling at an average CNY 70 (USD 10.17, EUR 9.51) per kg, up 16.7 percent.

Abalone prices are also up significantly, with five to six pieces being offered at CNY 140 (USD 20.35, EUR 19.03) per 500 grams, representing a 20- to 30-percent increase on prices at this time last year. Domestic supply has tightened since a glut in 2013, explained the manager.

The long-term future for prices is upwards, suggested a Xing Wen Li management official surnamed Zhou.

“Prices are only going up, [as there are less fishermen and more demand now. The period from Chinese New Year to May holiday, the prices [will] remain high.”

Subscribe

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500
None