Week 15 | High-Level Oscillation, Structural Divergence: Cool-Headed Reflections on Squid Prices Moving in Opposite Directions!
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High-Level Oscillation, Structural Divergence: Cool-Headed Reflections on Squid Prices Moving in Opposite Directions
In Week 15 of 2025 (April 3 to April 10), squid prices in the Chinese market continued their high-level oscillating trend, with prices across major production areas showing marked divergence. Against the backdrop of intensifying supply-demand rivalry, the squid market is undergoing a "delicate window period" of mixed bullish and bearish factors.
Southeast Pacific: Mantle Prices Take a "High-Dive," Overall Market Stabilizes
On the Zhenong Center platform, the average settlement price for Southeast Pacific squid in Week 15 was approximately 24,079 yuan/ton, slightly down from the previous week, with trading volume narrowing to 3,370 tons.
The previously star category that had broken through 30,000 yuan/ton—the mantle—saw a sharp correction this week, plunging from over 30,000 yuan/ton last week to 22,000 yuan/ton, a single-week drop of 8,000 yuan/ton, making it the biggest decliner in the market this week.
By comparison, main specifications such as whole tubes, slices, large heads, and small heads maintained slight fluctuations. Categories such as tail fins and squid necks continued to rise, with gains between 1,100 and 1,700 yuan/ton, showing clear price divergence among different specifications.
In terms of composite quotations, mantle quotes fell even more, by 8,600 yuan/ton, while tail fins, ears, and squid necks all declined within the 1,000-2,000 yuan/ton range. Other specifications such as large heads and small heads fluctuated relatively mildly.
On the production side, international reports indicate that squid landings off the coast of Peru have decreased somewhat, and due to the Holy Week holiday, they are expected to remain low in the coming days. Meanwhile, market demand has been gradually rising due to pre-holiday stockpiling, driving a short-term rebound in local prices.
Southwest Atlantic: No Trades but Optimistic Market, Argentine Squid Exports Perform Strongly
Although there were no Southwest Atlantic (offshore) squid transactions on the Zhenong Center in Week 15, overall market expectations were positive.
Good news emerged from Argentina—this year's squid resource volume has been assessed as the best since 2006, with both production and prices strengthening, and squid exports are becoming the "engine" of growth for Argentina's seafood industry. Data shows that Argentina's squid exports to the Chinese market surged in the first two months, and China has now become its largest export destination.
According to the current fishing situation, the average production per vessel for Chinese squid jigging vessels operating in these waters is between 300-350 tons, large trawlers are stable at 1,100-1,200 tons, and small trawlers maintain 620-630 tons, with overall supply remaining normal.
Northwest Pacific and Indian Ocean: Divergent Movements, Varying Regional Conditions
In the Northwest Pacific, Week 15 trading volume was 115 tons, with an average settlement price of 23,004 yuan/ton. Prices for different specifications showed clear divergence, with the 300-500g specification rising 2,250 yuan/ton in a single week, other large specifications also gaining around 1,750 yuan/ton, while small-specification products edged down 500 yuan/ton.
In the Indian Ocean, there was no trading data this week, but quotations showed gains for large-specification products, rising 500-1,250 yuan/ton, while small specifications declined overall by 500-2,500 yuan/ton. Due to low overall trading activity, market response was weak.
Market Observation: Surging Import Volume Coexists with High Prices, Supply-Demand Imbalance May Be Brewing a Turning Point
According to data statistics, in the first quarter of 2025, the import volume of self-caught distant-water squid at Zhoushan Port increased by about 50% year-on-year, reaching a total of 180,000 tons, with Southeast Pacific squid showing particularly notable growth of 55% year-on-year. At the same time, product prices from this production area rose nearly 90% year-on-year, and were up as much as 130% compared with the same period in 2023.
The simultaneous occurrence of price increases and supply increases indicates a clear supply-demand mismatch in the market.
Observers noted that although prices remain at high levels, market trading activity has not expanded in tandem. Especially against the backdrop of continued uncertainty in the global trade environment, the U.S. "reciprocal tariffs" and weakening export order momentum after the holiday may dampen medium-term demand.
In the coming weeks, if import volumes continue to increase, combined with weak post-holiday consumption, the current price structure may face adjustment pressure.
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