As the new year unfolds, holiday slowdowns have temporarily softened trade activity, keeping groundfish prices largely steady during week 1 (Dec. 30–Jan. 5) despite a full steady-to-firm undertone, sources told Undercurrent News.
- UCN's price reporting team is providing weekly US wholesale updates for farmed and Argentine red shrimp, frozen lobster tails and meat, wild groundfish, farmed whitefish and scallops
- On Mondays, we preview the week ahead with market pulses
- Then, on Wednesday, we publish price assessments and market wrap-ups
- Click here to explore the platform, which will be open to registered users until Feb. 3, 2025
According to Undercurrent's latest price assessments (see all the price assessments here), the US wholesale groundfish market is already feeling notable upward price pressure, driven by persistent supply constraints, robust demand, and ongoing logistical challenges.
Supply shortages persist, particularly for Atlantic cod and haddock, driven by limited twice-frozen products from China and escalating raw material costs. Potential port disruptions, trade conflicts, and shifting tariffs add another layer of uncertainty, prompting buyers and sellers to maintain a cautious stance as the new year unfolds.
Haddock remains under pressure because of shrinking catch quotas in the Barents Sea, pushing prices higher and fueling concerns that Icelandic sources may face added pressure.
Meanwhile, Pacific cod -- which had previously shown stability -- has begun moving upward as buyers shift to it as a more cost-effective alternative, however, volumes remain limited, and post-year-end fishing activities could tighten supply further.
Alaska pollock maintains relatively steady pricing, thanks to strong foodservice demand and sufficient double-frozen supplies that have so far prevented sharp price increases.
However, yellowfin sole is tightening, especially for larger fillets, with inventory backlogs masking the full extent of potential price hikes. As stocks deplete and post-holiday fishing activities increase, costs are anticipated to climb.
Overall, the market remains guarded heading into the new year, with limited forward visibility and ongoing logistical challenges adding to the unpredictability. Looking ahead, factors such as ongoing supply concerns, tariff uncertainties, and rising costs, evident even in this quieter holiday week, may well shape market dynamics in the coming months.
Click here for the full list of US wholesale groundfish price assessments, which are available to all registered users until Feb. 3, 2024.
Below, you can see US imports of frozen cod, haddock and Alaska pollock fillets, by country, from Undercurrent's trade portal.
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