Facing a complex backdrop of persistent uncertainties and evolving trade patterns as the industry looks toward 2025, the US wholesale market for imported farmed whitefish (see all the price assessments here) remained steady in week 51, sources told Undercurrent News. 

Despite concerns over policy changes, shifting supply lines, and pricing pressures, frozen tilapia held full steady, and pangasius, catfish, and fresh tilapia also maintained relatively stable conditions.

In the frozen tilapia segment, equilibrium is currently supported by improved raw material availability in China compared to earlier in the year. Processing facilities are producing large volumes to meet robust demand in advance of the Chinese New Year holiday.

However, concern is mounting over the outlook following the holiday season. Tighter raw material supplies and the potential for higher costs are anticipated leading into May 2025, with preliminary offers for post-holiday production already hinting at steeper prices.

On the fresh side, supply challenges from Central and South America add complexity to the tilapia trade. Colombia, once the chief supplier of fresh tilapia to the US, has reported reduced output due to mortality issues this year, prompting American buyers to diversify and increasingly turn to Brazil, Costa Rica, and Honduras.

Brazil’s growing tilapia farming sector has helped ease some price pressures with its expanding export volumes, as the latest US import data below shows from the Undercurrent trade portal. 

Yet, the overall picture remains delicate as buyers work to establish reliable relationships with new suppliers, ensuring a consistent flow of product amid shifting dynamics.

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free read Week 51 US wholesale seafood price assessments live

Meanwhile, the pangasius and catfish markets hold relatively stable, but the mood is cautious. Questions persist regarding potential post-election policy shifts, tariff adjustments, and other regulatory uncertainties. These factors, coupled with ongoing concerns over rising import costs and long-term supply constraints, keep market participants vigilant and wary of what lies ahead.

In looking at import data available on Undercurrent's trade portal, from January to October 2024, US tilapia imports totaled 164.7 million pounds, while pangasius imports reached 215.4 million pounds. This shift is primarily due to persistent supply challenges this year in China, especially in Hainan.

Overall, while the farmed whitefish market appears stable at present, underlying factors and the possibility of changing policies could present significant challenges as the industry progresses into 2025.

Below, you can see the latest prices for tilapia and pangasius raw material in China and Vietnam, which are also available on the Undercurrent prices portal.