Yellowfin tuna prices have reached their highest level since June 2023
MEKSEA.COM – Yellowfin tuna prices have reached their highest level since June 2023 due to significant shortages across the world’s oceans. In particular, the scarcity of yellowfin tuna has caused prices to soar, with prices in Spain reaching their highest level since June 2023.
Prices for yellowfin tuna in the Indian Ocean have risen from 2,350 EUR/ton to 2,400 EUR/ton. Meanwhile, in Europe, prices are even higher. Specifically, in Spain, yellowfin tuna is priced at 2,650 EUR/ton, while in Italy, it’s at 2,700 EUR/ton, or even 2,750 EUR/ton for yellowfin tuna over 10kg from the Indian Ocean.
This significant price increase, at least 100 EUR/ton, reaching 2,450 – 2,600 EUR/ton in May, is putting pressure on markets heavily reliant on this prized fish species, prompting processors to seek new suppliers in various countries.
According to sources, the Atlantic Ocean, which is often a plentiful source of yellowfin tuna, is seeing a large portion of its catch diverted to markets for sliced tuna meat, where they are processed at -18°C. This trend is further tightening the available supply for other purposes, exacerbating the shortage.
Yellowfin tuna prices in the Atlantic Ocean are nearly equal to those in the Indian Ocean.
Prices for yellowfin tuna destined for the European market for sliced tuna steak products have skyrocketed to 3,200 USD/ton in Mexico. This reflects a broader trend of price increases and highlights the interconnected nature of the global seafood market.
The Western and Central Pacific Ocean (WCPO) region is also experiencing a decline in yellowfin tuna catch. A major fishing company in the area reports that yellowfin tuna accounts for less than 5% of their total catch, a clear sign of scarcity.
Meanwhile, Ecuador is one of the few places still experiencing good yellowfin tuna catch rates, with prices dropping sharply below equivalent levels in Bangkok.
Currently, the ex-vessel prices for yellowfin tuna in Manta for sizes 10/20kg are around 2,200 USD/ton, 20/40kg sizes are priced at 2,400 USD/ton, and sizes >40kg are priced at 2,600 USD/ton.
However, despite overall good catch rates, large-sized yellowfin tuna catches remain scarce.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: VASEP)
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