Current and future trends for hake products on Russian market

As per late September 2006 USD prices for frozen hake fillets kept rising on the Russian market, according to trading sources in Saint Petersburg.

The average growth of prices as compared to prices in March-April 2006 amounted to ca.20%. Especially high growth was reported for large fillets 200+ and sea frozen fillets. That was connected with low market supply of hake due to poor catches which dwindled nearly by 30% as compared to the start of spring. That has caused a rise of prices and a supply decrease not only for fillets, but for head-off tail-off hake as well.

If prices in the South America do not stabilize by the end of the year, in the middle of January a certain further growth of hake prices on the Russian market is expected, because by that time the inventories of Canadian hake M. productus will start coming to an end and the Russian importers will have to purchase hake M. hubbsi at high prices. The fishermen from the Latin America admit that the current year 2006 can be regarded one of the most unlucky in terms of hake catches.