The price of warm shrimp has skyrocketed across the board, followed by cold water shrimp

The price of ecuadorian white shrimp has not stopped rising since mid-March, and the cost of imported shrimp is also rising due to the tension in international freight logistics and the rise in freight rates.

On May 10, the frozen goods trading port learned that the latest quotation of a manufacturer in Ecuador was as follows:

It is understood that the mainstream 30/40, 40/50 specifications of white shrimp quotations have been rising since mid-March, and the prawn quotations have exceeded 6$/kg as early as mid-April. This is mainly affected by international supply and demand, and the strong recovery of consumer markets in various countries has led to a surge in upstream raw materials.

Although the first quarter data showed that Ecuador's exports to China fell by 38% year-on-year, March increased by 32% from February, while ecuadorian white shrimp in the US and EU markets has been strong, which also indicates that Ecuadorian white shrimp exports have recovered, laying the foundation for subsequent price increases.

The same as warm water shrimp, Indian white shrimp is not optimistic enough, one is that India as a populous country and a large outbreak of the new crown epidemic, many shrimp farmers out of panic choose to sell shrimp in the shrimp pond, due to the chaos of the specifications also disrupted the market price, oversupply, aquatic processing plants can not consume these shrimp, resulting in shrimp prices plummeting. The second is still the impact of the rise in international freight rates, and the Vietnam and India routes near China are not exempt from the problem of rising freight rates, which has a very large impact on shipping schedules and arrival times, and once delayed, the cost will rise further.

Also a warm shrimp producing area in Southeast Asia, Vietnam's epidemic control is very good, shrimp exports increased by 16.5% in the first quarter, and may become a strong competitor of Ecuadorian white shrimp in the future.

Due to the improvement of the epidemic situation in Europe and the recovery of the economy, the price of warm water shrimp has risen at the same time, and the price of cold water shrimp has also recovered. Cold-water shrimp from Greenland, Newfoundland and Labrador in Canada has always used Europe as a major market, especially the United Kingdom, which is known to be the largest market for frozen hulled cold-water shrimp to date, with 50% of all Greenland processed shrimp sold to the United Kingdom.

Sources said that as of mid-April, the UK resumed outdoor dining, causing shrimp prices to rise for the first time in months.

Some processing companies also said that businesses such as sandwiches have recovered to 80% or more before the epidemic and are increasing every week, and the demand side is rapidly improving.

Cold-water shrimp prices are expected to see a wave of increases in May, and this trend is likely to continue forever.