In February 2024, the price of yellowfin tuna delivered in Spain is at 2,400 Euro/ton. However, industry insiders predict production will continue to rise in the coming weeks and months due to slow catches across some oceans.
Low supplies of yellowfin tuna from both the Indian and Atlantic oceans have increased speculation that prices will rise. However, sources say prices may not peak at EUR 3,000/tonne in 2022 , instead forecast to rise to EUR 2,600/tonne in the short term, citing weaker demand as a compensating factor cover for the upcoming price increase.
"Small yellowfin tuna are appearing in the Pacific, with the exception of Papua. In Ecuador, yellowfin tuna catches have dropped dramatically. The price is now €2,400/tonne in Spain. Raw material prices Increased crude has negatively impacted demand over the past year and is expected to offset the increase in yellowfin tuna prices. In addition, container freight rates from Asia have increased sharply recently due to the crisis in the Sea Red also discourages European buyers.
“At the end of last year and the first month of this year, there was very little demand for yellowfin tuna. Now, if you ship yellowfin tuna from China or other Asian countries or the Indian Ocean region, the containers need to go around Africa, because they can no longer go through the Red Sea. This takes up to 35 days or even more, contributing to reduced demand from those regions.”
“Yellowfin tuna demand will recover a bit starting from March and prices will increase moderately,” noted a source at a second cannery in Spain. The CEO emphasized that slower demand will prevent upcoming price increases.
“Last year's high prices coupled with rising olive oil prices contributed to a decline in canned tuna consumption, which will also result in lower demand, offsetting the upcoming price increase,” he added.
In stark contrast to the Indian Ocean, the Atlantic continues to yield disappointing results, as vessels struggle to find migrating schools of yellowfin tuna. In the Atlantic, vessels are implementing a three-month fishing closure, or "veda", using fish aggregating devices (FADs), which are catching a maximum of 5-20 tonnes yellowfin tuna, the majority of which is frozen at -18°C rather than the tuna cannery, according to sources.
Some vessels are docking during the FAD fishery, citing difficulty in finding free schools of yellowfin tuna. According to sources, sales of FAD-free yellowfin tuna were recently sold to a factory in Abidjan for 2,250 EUR/tonne, but supplies are low.
The Italian market shows signs of increased activity and further transactions are expected. However, some Italian buyers recently rejected offers of 2,500-2,600 EUR/ton, considering the price too high at the moment, according to domestic sources.
Sources say catches in the Western and Central Pacific are believed to be very good for skipjack tuna, but the proportion of yellowfin tuna has been steadily decreasing.
According to industry insiders, in the Western Pacific, yellowfin tuna catches have dropped significantly, with the exception of Papua. Sources said yellowfin tuna in the region was offered at 2,350-2,400 EUR/ton CFR.
Furthermore, all canners are struggling under the burden of record high oil prices, with olive oil reaching €8.60/kg and extra virgin oil exceeding €9/kg. This price is three times higher than the price that canneries paid less than two years ago, a source at a cannery in Spain found. “A year and a half ago, we paid about 2.60 euros/kg,” one of the sources said.
In Manta, Ecuador, some yellowfin tuna was sold for $2,200 per ton, but sources indicated that prices were not the same for all suppliers as yellowfin tuna supplies remained unstable.
