It has been a tight market for halibut this season. With resources dwindling because of quota cuts, and demand for this versatile fish remaining strong, prices have remained high through the first six months of the Alaska season that runs from 8 March to 7 November.
The price for whole frozen dressed halibut as of Sept. 23 was around USD 8 to 9 (EUR 6.25 to 7.04) a pound, f.o.b. Seattle, depending on the size. And fresh was slightly higher, going for USD 8.25 to 9.20 (EUR 6.45 to 7.19) a pound. In early June, fresh prices were similar, running from USD 8.50 to 9.20 (EUR to 7.19) on all sizes.
As one East Coast wholesaler put it: “The days of USD 4 to USD 5 halibut are gone until there is a replenishment of the resource, or another alternative comes along.”
The total 2014 individual fishing quota (IFQ) and community development quota (CDQ) quota for the Alaska fishery was set at 16,751,450 pounds of H&G fish. This is down about 27 percent from 2013 when the quota was set at 23,051,540 pounds. Through 24 September, 89 percent of the IFQ allocation had been landed, and 97 percent of the CDQ.
Because of the quota cuts, said a seafood processor and marketer, “the real problem will be a huge shortage of frozen. There will be a shortage come December [with both Pacific and Atlantic stock] and there’s not much that can be done,” he said. Most halibut is going to the fresh market, which should put frozen prices in the low- to mid USD 7s.
The East Coast wholesaler said halibut has a good reputation and the ability to use it in different ways such as steaks or fillets makes it attractive. Yet, he noted, consumers are price-conscious, which could make halibut a slightly tougher sell.
“Halibut has become more of a luxury item,” concurred a West Coast distributor. It’s still a popular fish, she said, but it has gotten out of the reach of some restaurant clients that fall into the more value-oriented family-style dining category. Halibut remains on the white-tablecloth menus, she noted, because it’s a high-demand item.
And the cost of halibut isn’t out of line with other center-of-plate proteins. “Protein prices in general are more expensive now,” she said.
As a substitute, there is some California or Mexico halibut available that can be offered to customers at a lower price point, she said, and some buyers are opting for sole.
Atlantic halibut is seeing similar pricing and demand, according to East Coast wholesaler, despite the steadier supply that usually comes with a year-round fishery.
The outlook for 2015 has yet to be determined as stock-assessment data is still being gathered and reviewed in time for the industry’s annual meeting at the end of January. An association spokesperson said the industry may need to look at minimum-size limits again, but it was too soon to make that call.
