Tradex: Lifting U.S. Sanctions on Russia Seafood Could Impact Alaska Pollock Prices
Lifting U.S. sanctions on Russian seafood could significantly impact Alaska pollock prices, according to Rob Reierson, president of British Columbia-based seafood wholesaler Tradex Foods.
The forecast was noted on Feb. 17 in Alaska Fish News, written by veteran seafood writer Laine Welch. Welch noted that since the imposition of Russian seafood sanctions that Alaskan pollock has enjoyed favorable market conditions, avoiding direct competition with Russian pollock.
This year’s Alaska pollock harvest is expected to exceed 3.3 million pounds.
Reierson said that reports from Tradex’s Asia office indicate that Chinese plants still hold large inventories of Alaskan pollock, which had to be purchased alongside Pacific cod and that domestic sales of pollock have been slow.
“If U.S. sanctions on Russian pollock are lifted, Chinese processors could face further challenges in moving Alaskan pollock out of the country, increasing downward pressure on prices,” Reierson told Alaska Fish News.
Reierson also noted strong demand from the European Union and Japanese buyers has pushed raw materials pricing on Russian longline Pacific cod to about parity with Alaskan trawl cod. Previous Russian longline Pacific cod was about $500-$800 per metric ton cheaper, largely due to U.S. sanctions.
“With uncertain geopolitical and market conditions, our recommendation to buyers is to stay flexible, monitor inventory levels in China and be ready to adapt sourcing strategies based on potential shifts in trade policies,” Reierson said.
