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The Mintec price of Indian Ocean yellowfin tuna averaged USD 2.26/kg in May 2021, representing a
modest increase of USD 0.09/kg (+4.1%) m-o-m and an equally modest y-o-y contraction of USD
0.02/kg (-0.9%) y-o-y. The yellowfin market during the year-to-date has been characterised by tepid
foodservice demand for restaurant-grade tuna, particularly from Japan, where COVID-19 cases have
been rising since mid-Q1 2021. The Japanese Prime Minister extended a state of emergency across
Tokyo, Osaka, Hyogo and Kyoto until the end of May 2021.
The price of Thai skipjack tuna for canning averaged USD 1,350/MT in June 2021, representing
respective increases of USD 70/MT (+5.5%%) m-o-m and USD 150/MT (+12.5%) y-o-y. The higher
prices are attributed to Thai canners raising ex-works prices to account for rising costs of tin and
oilseeds, which have surged in recent months as part of a broader global commodities boom.
At NOK 26,001/MT, the average Norwegian prawn price fell respectively by NOK 3,346/MT (-11.4%) mo-m
and by NOK 16,305/MT (-38.5%) y-o-y in June 2021, which was the lowest monthly average since
August 2019. According to the Norwegian Seafood Council (NSC), this reflects seasonality, as demand
in the key European markets tends to weaken through Q2, exacerbated by high volumes of frozen
inventories,
At INR 270/kg, the average price of Indian prawns (60-count) fell by INR 12.0/kg (-4.4%) m-o-m in
June 2021, while contracting by INR 50.8/kg (-16.4%) y-o-y. Most of India's largest export markets are
well-stocked with frozen inventories, weighing on demand, while Chinese imports remain seasonally
weak due to heightened concerns about the potential risk of importing the COVID-19 delta variant via
seafood shipments.
*May 2021 is the latest available monthly data