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Image: China Pelagic Squid Index/FIS

Southeast Pacific Squid Index: Giant squid (dosidicus gigas)

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Friday, October 11, 2024, 18:00 (GMT + 9)

In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association took the lead, jointly with Shanghai Ocean UniversityZhoushan National Ocean Fishery Base and Hangzhou Shuliang Technology Co., Ltd. to compile and release China Ocean Fisheries Squid index.

Source: China Pelagic Squid Index | www.china-squid.com

China Pelagic Squid Index, including squid price index, industry prosperity index, and squid resource abundance index, monitors and reflects the overall development of squid products and pelagic fishery with detailed and dynamic data information.

In September 2024, China's offshore squid price index rose again, closing at 204.54 points, breaking 200 points for the first time, with a month-on-month increase of 7.00%.

In September 2024, with the continued contraction of market supply, the squid price index in the four major sea areas rose across the board.

Squid Price Index for all species (4)


Click image to enlarge it

The four main areas in the world where the Chinese fleet fishes for squid. | Source: Jinghai Group / FIS

Southeast Pacific squid price index

Collects squid transaction prices from major domestic squid fishing companies and the Zhoushan Aquatic Products Trading Center. It is compiled from statistics of different specifications in the four major regions of the Southeast Pacific, Southwest Atlantic, Northwest Pacific, and Indian Ocean, reflecting the changing trend of domestic squid prices.

Click image to enlarge it

The squid price index in the southeastern Pacific still saw the largest increase, closing at 213.72 points, up 8.58% from the previous month. Recently, squid fishing in Peru is still not optimistic, and a large number of companies are in a state of suspension. The local spot price of squid has continued to rise to the highest level in the past three years. In the domestic market, September is the Mid-Autumn Festival, and the National Day holiday is about to come. At the same time, some companies have begun to purchase raw materials for the peak consumption season at the end of the year. The demand for squid has increased. The contradiction between supply and demand has pushed up the price of squid in the southeastern Pacific.

 

In terms of details, the squid price index in the Southeast Pacific and Southwest Atlantic showed similar trends, rising for four consecutive weeks, but the latter rose slowly overall, with a relatively stable rise. In the last week of September, the two indices closed at 225.53 points and 155.74 points, respectively, up 12.05% and 3.79% from the last week of August.

This year, affected by the cyclical fluctuations of squid resources and the "El Niño" phenomenon, the squid catch in Peruvian waters has dropped significantly, and the price of squid in Peru has continued to rise. This has not only affected local fish processing companies in Peru, but also affected Chinese distant-water fishing vessels operating outside Peru's exclusive economic zone. From early September to now, the wholesale price of Peruvian squid in China has risen by more than 10%.

Short-term trend forecast:

Considering the squid's breeding cycle, marine ecological changes and other factors, the tight supply of squid is unlikely to improve in the short term. The National Day is coming in early October, and the traditional squid processing and sales peak season in the second half of the year is gradually approaching. Although the current rising prices have had a certain impact on market demand, overall, the contradiction between supply and demand is further intensifying. In the short term, the squid price index may fluctuate at a high level or become the norm.

Subsequent supply forecast:

Looking back at the second half of 2022, the squid catch within the Peruvian line reached 136,000 tons in November-December, accounting for 29.8% of the total annual catch. However, due to the El Niño phenomenon in the second half of 2023, the reference value of the squid catch data was relatively low.

Data shows that the surface water temperature in the sea area of ​​4-5 degrees south latitude in the northern part of the Peru Line is currently 18.2-19.4 degrees, and the water temperature in the same period of 2022 was 18.5-19.1 degrees, which is basically the same. In the same period of 2023, affected by the El Niño phenomenon, the water temperature was 20.3-20.5 degrees, slightly higher than this year; the surface water temperature in the central area of ​​9-10 degrees south latitude in the Peru Line is 17.6-18.1 degrees, lower than the same period in 2023 but higher than the same period in 2022. Overall, the current surface water temperature in the sea area of ​​​​the Peru Line is basically within a reasonable range compared with previous years.

The Peruvian El Nino Research Committee indicated that the "El Nino" phenomenon that caused the squid population to disperse and then affected the fleet's fishing activities has basically subsided. In addition, Peruvian squid grows rapidly, and the spawning season is mainly between spring and summer. The life cycle is generally 12-18 months. It is expected that the supply of Peruvian squid will gradually increase around December.


FIS publishes weekly (every Friday) each of the 4 species recorded in the Squid Index.


Source: China Pelagic Squid Index

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