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Prices are expected to rise 20-30% as the world moves away from dependence on Russian goods, according to a new memo from industry representative body Seafish
.
"Most of the supply is already contracted, margins are already tight across the processing industry, and many businesses (probably SMEs) will not be able to cover these costs
.
"
.
"Most of the supply is already contracted, margins are already tight across the processing industry, and many businesses (probably SMEs) will not be able to cover these costs
.
"
Prices have already started to soar, and cost and freight (CFR) prices in China are rising sharply
.
Sources say cod prices for 1-2.
5kg have climbed above $5,000/t, with prices of $5,300/t or even $5,500/t under discussion, compared to around $5,100/t for the same size in Russia
.
.
Sources say cod prices for 1-2.
5kg have climbed above $5,000/t, with prices of $5,300/t or even $5,500/t under discussion, compared to around $5,100/t for the same size in Russia
.
About 40 metric tons of 1-2.
5 kg cod (FOB) were also sold at NOK 49.
20/kg ($5.
48/kg) at auction in Norway on Monday, up from 43 kg late last week.
NOK/kg.
An unnamed whitefish industry veteran said the price was an auction record, adding that "the world has gone crazy"
.
5 kg cod (FOB) were also sold at NOK 49.
20/kg ($5.
48/kg) at auction in Norway on Monday, up from 43 kg late last week.
NOK/kg.
An unnamed whitefish industry veteran said the price was an auction record, adding that "the world has gone crazy"
.
Some U.
K.
companies said they would consider scaling back production in response to these price pressures, it said
.
The agency also added that catfish, mainly from Southeast Asia, is not considered a viable substitute for filling the void of Russian cod, haddock and pollock
.
K.
companies said they would consider scaling back production in response to these price pressures, it said
.
The agency also added that catfish, mainly from Southeast Asia, is not considered a viable substitute for filling the void of Russian cod, haddock and pollock
.
Currently, it is estimated that the UK supply chain relies on Russian products for at least 20% of its whitefish supply, although the agency believes that the proportion of the global whitefish market is underestimated due to Russia's control
.
"There is a possibility of more than 30 percent
.
A key factor will be whether the sanctions apply to Russian-origin products or 'only' exports from Russia," he said, adding that current sanctions on North Korean seafood apply to origin products
.
"If the former, it will affect products produced through third countries, even if the rules of origin mean the nationality of the fish has changed before it reaches the UK, such as Russian fish exported to China for processing and then to the EU and UK
.
"
.
"There is a possibility of more than 30 percent
.
A key factor will be whether the sanctions apply to Russian-origin products or 'only' exports from Russia," he said, adding that current sanctions on North Korean seafood apply to origin products
.
"If the former, it will affect products produced through third countries, even if the rules of origin mean the nationality of the fish has changed before it reaches the UK, such as Russian fish exported to China for processing and then to the EU and UK
.
"
Depending on the degree of processing, the fish can be certified by China at the time of import, but the catch certificate will still certify the Russian origin
.
The UK is understood to have imported 48,000 tonnes of whitefish directly from Russia last year, although a significant proportion of China's imports (a total of 143,000 tonnes in 2021) also came from Russia
.
Globally, Russia accounts for 38 percent of the world's whitefish production, totaling about 2.
4 million tonnes, according to figures provided by the Ground Fish Forum last year
.
.
The UK is understood to have imported 48,000 tonnes of whitefish directly from Russia last year, although a significant proportion of China's imports (a total of 143,000 tonnes in 2021) also came from Russia
.
Globally, Russia accounts for 38 percent of the world's whitefish production, totaling about 2.
4 million tonnes, according to figures provided by the Ground Fish Forum last year
.
Given that most of the UK's production comes from Europe, there could also be a "significant impact" on trade if the EU chooses to close ports to Russian ships, as the UK has done
.
He noted that higher oil prices will also have an impact on processing and transportation costs
.
It claims the price of natural gas for next-day delivery in the UK has risen by 53% as the conflict has sparked fears of disruptions to global energy supplies
.
.
He noted that higher oil prices will also have an impact on processing and transportation costs
.
It claims the price of natural gas for next-day delivery in the UK has risen by 53% as the conflict has sparked fears of disruptions to global energy supplies
.
