Undercurrent News proposes to shift its weekly price assessment on frozen, headed and gutted (H&G) cod and haddock from Russia and Norway to cost, insurance and freight (CIF) to Chinese ports from cost and freight (CFR). The proposed update reflects a notable industry shift to quote CIF prices rather than CFR, reflecting a more accurate trade representation and price assessment.

CIF means the seller takes out the sea freight insurance, whereas CFR means the buyer covers it. The difference in price is negligible, as sea freight insurance is less than $50 per container, which takes 20 metric tons of fish. So, even taking $50 for insurance, that's $2.5/t.

As UCN's weekly price assessment on frozen H&G cod and haddock from Norway and Russia is based on a range of pricing from various sources, this proposed change does not impact the historical data.

Otherwise, the specs will remain unchanged. For Norwegian cod, that's H&G frozen, 1-2.5 kilogram fish, whereas the benchmark China size for Russian cod is 1-2kg.

The benchmark size on frozen Norwegian H&G haddock is 800-gram-plus, and for Russia, it's 500g-1kg. Click the links for the datasets.

Your input matters

We invite your feedback to tailor this service to reflect current market conditions and better support your business decisions.

Please send any comments or questions regarding this proposal to [email protected] by Dec. 6, 2024.

UCN builds global seafood PRA

Click here for information on UCN's plans to build a global seafood price reporting agency, or PRA. 

In addition to our prices platform of global data, UCN is building out a US wholesale prices platform.

UCN plans to soon initiate US wholesale price coverage of various groundfish, farmed shrimp, Argentine red shrimp, frozen lobster, farmed whitefish, and scallop products; click the links to read more.