Index for prices

Groundfish 8

Flatfish 10

Tuna 11

Small Pelagics 12

Cephalopods 12

Crustaceans 14

Bivalves 17

Salmon 17

Trout 18

Freshwater fish 18

Non Traditional Species 19

Seabass-Seabream- Meagre 19

The European Fish Price Report, based on information supplied by industry correspondents, aims to provide guidance on broad price trends. Price information is indicative and should be used only for forecasting medium- and long-term trends. FAO is not responsible for any errors or omissions.

LATEST TRENDS Demand for seafood and fishery products traditionally slows down in Europe in the first two months of the year, and 2016 has so far been no exception to this general rule. Demand was weak in January and prices were stable or decreasing. Demand will pick up during the Lenten season, however, particularly in the southern part of the continent.

For 2016, total groundfish landings are expected to increase by 220 000 tonnes, mostly due to increased landings of Alaska pollock. The cod resources in the Barents Sea are declining slightly, although cod are now returning to fishing grounds off eastern Canada. Overall, cod prices are expected to rise by 14-15% in 2016.

GROUNDFISH

1.500.91.21.41.71.92.22.4

Fresh gutted

EUR/kg

COD - in Poland (FOB, origin: Baltic Sea)

Issue 1/2016 January 2016

2

Prices for wet-salted cod fillets from frozen raw material (Gadus macrocephalus) prices are decreasing, a trend typically observed at this time the year as the biggest consumption period is during Christmas. Before determining prices for wet-salted cod fillets (Gadus morhua) from fresh raw material (Faroese origin), the Icelandic market is waiting for the first indications of cod catches in northern Norway in early 2016. Hake prices are about the same as at the end of last year.

Surimi prices have increased in recent months on the European market, and further price hikes are likely over the coming months.

Prices for tuna on the European and world market remain at low levels as demand is moderate and canneries have been largely inactive during the holiday season. Vessels owners have now begun to delay fishing, which should lead to declining inventories and finally to higher prices in the long run.

Fishing in the Western and Central Pacific has slowed down due to poor weather, and it has been reported that an increasing number of vessels are tying up and not returning to sea in January due to the low fish price. Furthermore, the US fleet of 37 vessels has stopped fishing as of January 1 due to licensing issues.

While Thai canneries are currently reporting healthy raw material inventories, these are widely expected to fall in the coming months due to the lack of supply. Currently there is a flurry of unloading activities ongoing in Bangkok as Thai canneries reopen in the New Year after their annual maintenance.

TUNA - BILLFISHES

2.55

2.0

2.3

2.5

2.8

Stick 250 gr/pc

EUR/kg

SURIMI - in France, origin: Spain

1.00

0.5

1.0

1.5

2.0

2.5

3.0

Skipjack Bangkok CFR

USD/kg

TUNA - Pacific OceanUSD/kg

TUNA - Pacific Ocean

0.95

1.38

0.880.85

1.45

0.5

1.0

1.5

2.0

2.5

3.0

Skipjack, Seychelles, FOB Yellowfin, Seychelles, FOB

Skipjack, Abidjan ex-vessel Yellowfin, Abidjan, > 10 kg, ex-vessel

EUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic OceansEUR/kg

TUNA - Indian/Atlantic Oceans

3

The second IATTC veda closure will remain in force in the Eastern Pacific until January 18. Fishing is moderate while raw material inventories at local canneries remain at a moderate level. Demand for finished goods continues to improve as buyers take advantage of the low prices. There is no change in the situation in the Indian Ocean as vessels continue to

experience slow-to-moderate fishing and raw material inventories at local canneries remain adequate, due to the lower demand during the holiday period. The two-month FAD closure in the Atlantic Ocean has been in force since the New Year. Fishing has been affected by poor weather and fallen to a moderate level, although local canneries continue to report healthy raw material inventories as some of them had been closed for annual maintenance. Demand from European canneries has been low due to the holiday period but activities are now picking up again slowly in January.

The 2016 mackerel quotas have been reduced by 15%, but still remain well above the level recommended by ICES. Supplies of mackerel may become tighter, and prices could turn around and strengthen in the near future. The herring fishery is off to a strong start, with larger sizes being caught. Herring prices are on the way up. Small pelagic catches are slow in the Northern Atlantic due to bad weather conditions. Overall, market demand is limited but the new season is expected to be positive for the main producing countries in Europe.

SMALL PELAGICS

1.70

1.050.5

1.0

1.5

2.0

2.5

3.0

Yellowfin > 10 kg, Spain CFR

EUR/kg

TUNA - Spanish canneries

5.00

5.80

2.03.55.06.58.09.5

Skipjack - frozen cooked loins, single cleaned, Spain/Italy DDPYellowfin - frozen cooked loins, double cleaned, Italy DDP

USD/Kg

TUNA - Loins

4

Octopus fishing has started and the product is reaching the market but packers are keeping stock for 2016 main sales period. Demand has increased in China for live octopus and other live fish for the Chinese New Year festivities. In general, octopus prices are likely to rise strongly over the coming months. Squid prices are also moving up, slowly but steadily.

The shrimp market remains unstable. After the long holiday, farmers and packers are still seeking the market price balance. Farmers are looking for higher prices as a result of low supply, while packers are expecting stable or lower prices on the basis that the market has just opened and there is less demand. Overall, the shrimp price has slightly increased.

Argentine shrimp catches reached record levels in 2015, coming to 140 000 tonnes, representing an increase of 10% over the previous year. However, this increase in supply coupled with the strength of the US dollar and the Chinese economic crisis has had a negative effect on prices, which have maintained a downward trend for all of 2015. This negative trend is likely to continue well into 2016 as inventories are high due to holding last years product as well as good catches during the first weeks of 2016. In Europe, although consumption during the Christmas period was good, traders still have huge quantities unsold in their coldstorage holdings, pushing down prices.

CEPHALOPODS

CRUSTACEANS

6.00

3.0

4.0

5.0

6.0

7.0

8.0

Squid - Whole, FAS, size M

EUR/kg

SQUID - in Italy, origin: South Africa

7.506.806.706.50

3.0

4.5

6.0

7.5

9.0

10.5

> 10-20 pc/kg > 20-30 > 30-40 > 40-60

EUR/kg

ARGENTINA RED SHRIMP - origin: Argentina

EUR/kg

ARGENTINA RED SHRIMP - origin: Argentina

5

Prices for white shrimp (Penaeus vannamei) for whole product are lower in January than in December for large sizes, while the prices of whole small sizes and tails are steady. Prices for tails are expected to rise by the end of January, as they normally do at this time of the year. Lobster prices are firm due to lower landed volumes and good demand. In the coming months, however, demand is likely to weaken. The crab fishing season is said to be a month late due to cold water temperatures in spring, and live crustaceans stocks are lower as a result. Fishing conditions in late December were particularly difficult with storm force winds in Northern Europe.

Sales of large-sized oysters over the summer period are reported to have resolved much of the excess large oyster stock situation which prevailed earlier in the year. Summer survival rates have improved this year, according to Ifremer. End-of-year sales of festive seafood are reported to have been good in France and therefore New Year carry-over stock is not expected to be excessive. Overall, increases in prices are likely to materialize in the first quarter of 2016

Driven by positive exchange rate trends and limited supply growth, the Norwegian farmed salmon industry set new export records in 2015 and saw late-year prices reach highs not seen for over 30 years. A seasonal upturn in Atlantic salmon prices is typical at the end of the year, but the weighted average levels of almost NOK 60/kg reached on the NASDAQ salmon index by the first week of 2016 have not been seen since the 1980s. As prices for larger sizes even pushed beyond the NOK 70/kg mark, farmers rushed to harvest and the temporary excess in supply brought a downward correction by mid-January. With a record NOK 47.7 billions worth of salmon exported in 2015, according to the Norwegian Seafood Council (