27
2025
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06
The price of true cod has skyrocketed, and Chinese factories have entered a high-price scramble for materials to secure orders!
Cod prices skyrocket, Chinese processing plants scramble for materials at high prices to secure orders!
Week 26 of 2025, The CIF China price for 1-2.5 kg Atlantic cod (H&G) from Norway has soared to US$8,250/ton , up US$250 from a month ago, remaining at a historic high, and showing no signs of falling . Meanwhile, the price of Russian cod of the same specification is US$7,250/ton , with a price difference of US$1,000.
"Once you have orders, processing plants have no choice but to purchase at high prices, otherwise they can only shut down." A European importer frankly stated that in the current cod market, price dominates everything, and supply becomes the overwhelming factor 。
The core driver of this price surge is the Barents Sea quota's significant reduction coupled with geopolitical risks . In 2025, the total cod quota for Norway and Russia decreased by 25% to 340,000 tons; Norway currently has only 48,341 tons of uncaught quota remaining, 13% lower than the same period last year, with only 19,876 tons remaining for H&G raw materials for trawlers.
Meanwhile, leading Russian fishing companies Norebo and Murman are restricted from supplying due to EU sanctions. Although purchase orders before May 20 are still accepted by the EU, all subsequent products are banned . As Norebo controls 45% of Russia's cod fishing quota, this policy change has forced the European market to turn to other suppliers, further pushing up global prices.
Sources indicate that currently, whether it's Norebo, Murman, or other unsanctioned companies, there are no more price concessions in raw material transactions . In some cases, buyers have to accept even temporary price increases. "Cod raw materials are becoming increasingly scarce; this is the current industry consensus."
In contrast, the pollock market appears relatively stable . As of week 25, Norway has 26,957 tons of remaining quota, higher than the same period last year; Russia's quota supply is still sufficient, with CIF China prices between US$5,500-5,800/ton, slightly higher but not resulting in "panic buying."
Although pollock prices are firm, several European and American buyers have clearly stated that unless there are special quality requirements, they still prefer to purchase Russian raw materials , avoiding the high-price zone in Norway. "For us, there's not much difference between Russian and Norwegian raw materials, and there are no sanction issues." said a UK buyer.
Overall, the cod market has entered a price-hike mode, and buyers' bargaining power has drastically weakened . Processing plants, importers, and retailers are all being forced to adapt to the strong price increases in raw materials, especially Chinese processing companies, which are facing unprecedented procurement challenges under the pressure of quota reduction and international sanctions. In the coming weeks, if the fishing progress does not accelerate and the supply remains tight, prices may continue to climb.
From Frozen Food Strategy
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2025-05-17
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