China Squid Market Update : Aug 9, 2019
Chinese squid and frozen seafood processors, fishing vessel owners and raw material suppliers advise that the raw material prices and finished product prices will rise.
1) Fishing vessels have been catching large quantities of size of 150-200g whole round squid. Catching in the early stages of the season was plentiful but now has dropped off. According to suppliers and exporters, large sized squid is now becoming short, thus catches have dropped off.
2) The raw material price rose 10% in the past 2 months and the further increases are expected by seafood exporters
3) China currency depreciated from 1 USD = 6.80 RMB in June to 1 USD = 7.05 RMB in Aug