Overview of freshfrozen fish market of Saint Petersburg and some other regions as per mid-September 2008

Through the recent month from mid-August to mid-September 2008 the freshfrozen fish market of Saint Petersburg (Russia's main entry port for seafood imports) and other regions has displayed a number of developments, reports http://www.fishnet-russia.com/ (https://www.fishnet.ru/) with reference to Radion Safin, CEO of Saint-Petersburg-based seafood trader Radex Co. Ltd.

The season has just started and many fishing companies have not worked out their price policy for herring and mackerel. In this situation the prices of herring and mackerel are not stable.

Below follow more details on particular species with average prices given as ex-coldstore VAT inclusive for quantities from 20 metric tons in Saint Petersburg unless specified otherwise.

Herring

As per mid-September 2008, the greater part of Norwegian companies offer large Norwegian herring 300+ and 350+ as well as flaps 4-7 is sold in small quantities. There are practically no offers of mackerel except some small-sized species 300 - 500 from a few traders. One of the possible reasons of such a situation is stormy weather. Bigger vessels are to start fishing larger mackerel only 1 - 2 weeks later. The first arrivals to St. Petersburg are planned within the next few days.

At present, the prices have been high and unpredictable. The market players are having various views on that point.

According to some opinion, the prices will continue increasing, as this is a general tendency in the world with food products going higher triggered by increasing oil prices. Anyway, it is still difficult to predict the price situation of seafood in the future, probably the prices will go down.

Africa has been increasingly ready to pay now and the Norwegian companies have been directing their efforts to Africa. The Norwegian traders are not planning to stop exportation to Russia but they are not to trade with the profit margin close or equal to 0. This is a general tendency for Norwegian producers.

At present, the mackerel and herring fishing season has just started and the majority of companies are to start fishing in 1 - 2 weeks period or even later. Only some companies have started processing at small scales and sell their mackerel in small volumes and at high prices.

According to some wholesalers, the market situation is not satisfactory. The season is to start with a delay and the species are small-sized and high-priced. The same situation was observed in 2005 and in such circumstances the prices would fluctuate wildly with the beginning of the fishing season.

The fishermen are waiting for big-sized fish to come and are not willing to cover quotas and waste fuel for the sake of small fish.

As per 15 September 2008, the prices ex-coldstore of the species of August catches have been the following: RUB 41.00 per kilo for 350+ herring and RUB 52.00 - 54.00 per kilo for herring fillets 4/7.

Baltic herring

As per mid-September 2008, the Finnish Baltic herring 12-15 has been marketed from RUB 21 per kilo ex-coldstore and the same product of the size 15-17 will not fall below RUB23.00 per kilo because practically all the fish is small-sized and is being processed into fillets in Sweden.

Blue whiting

The Blue whiting has been offered at a price RUB24.00 - 25.00 per kilo ex-coldstore.

Hake HGT

Due to a certain shortage of the world market supply, prices for hake went up approximately by RUB10.00 per kilo. In the middle of September 2008 there have been offers from RUB78.00 to RUB82.00 per kilo depending on the size, packaging and country of origin.

The Canadian hake 300-500 IQF has been offered from RUB80.00 per kilo.

Russian pollock

The headed Alaska pollock 25+ of Russian origin has been marketed from RUB 42.00 per kilo, and the same species size 30+ has been offered from RUB 44.00 per kilo.

The price of w/r Alaska pollock 20 - 26 varies from RUB22.00 per kilo and w/r Alaska pollock 26 - 32 from RUB 24.50 per kilo.

Pangasius

The prices of pink pangasius fillets 170 - 220 vary from RUB 62; pink fillets 220+ are offered from RUB 63.00 per kilo.

The white pangasius fillets 220+ are offered at a price from RUB 83.00 per kilo.

Cod

The prices of cod of Russian origin vary from RUB80 per kilo in Kaliningrad port and from RUB90 per kilo in Murmansk.

The red cod 250 - 350 from New Zealand has been offered at a price of RUB85.50 per kilo.

Prices in Saint Petersburg, dateline 15 September 2008

Prices in the Far East, dateline 15 September 2008