In Week 14 (March 27–April 2), the global deep-sea squid market slipped into a clear downtrend, with falling prices led by smaller-sized products and weakening overall demand, according to Food World (Beijing).

Photo: Stockfile / FIS

The sharpest impact was seen in the Southeast Pacific, where price declines were concentrated in whole squid products. Processed items such as large heads, tail fins, and carcasses remained stable, with large heads holding at 21,700–22,000 yuan/ton (approximately US$3,000–3,040/ton). However, smaller whole squid bore the brunt of the correction: squid under 300g dropped by 600 yuan/ton (about US$83) to 15,300–15,800 yuan/ton (US$2,110–2,180/ton). Similarly, small whole squid in the 500g–1,000g range also fell by 600 yuan/ton (US$83).

Price declines were less pronounced for larger sizes. Medium whole squid slipped by just 100 yuan/ton (US$14), while large whole squid fell 250 yuan/ton (US$35). In contrast, sliced squid defied the trend, inching up to 14,700–15,000 yuan/ton (US$2,030–2,070/ton). Total platform transaction volume reached 1,452 tons, with buying activity still dominated by short-term, needs-based procurement.

On the supply side, volumes are expanding rapidly. Catches of Peruvian giant squid have reached 200,200 tons, representing 65.55% of the first-half annual quota—well ahead of schedule. High-seas fleets are maintaining strong efficiency, with daily catches averaging 5–8 tons per vessel. This surge in landings has led to a concentration of supply at ports, placing direct downward pressure on domestic spot prices.

Meanwhile, climate developments are adding uncertainty. The Peruvian coast has entered an El Niño alert phase, expected to persist through the end of 2026, with potential intensification between May and July. Although current conditions remain relatively mild, market participants increasingly expect disruptions to fish distribution, seasonal fishing patterns, and yield per unit area.

The Southwest Atlantic market is also weakening. Offshore squid prices declined across the board, again with smaller sizes hit hardest. In Argentina, resource assessments are ongoing, with immature squid accounting for 71% of catches north of 44° latitude, delaying the start of the fishing season. High-seas operations remain subdued, with daily catches averaging 2–3 tons per vessel and cumulative seasonal catches around 150 tons per vessel.

Market dynamics are diverging across sales channels. While spot prices continue to fall, trading platform prices for Argentine squid have edged higher, signaling differing supply-demand conditions between physical and forward markets.

Elsewhere, prices in the Northwest Pacific and Indian Ocean remained stable, with no significant week-on-week changes.

At the distribution level, there are early signs of tightening supply. The volume of domestically caught squid entering Zhoushan Port has declined month-on-month, offering limited short-term support to prices. However, this reduction is not sufficient to offset the broader influx of supply.

Zhoushan fishing port and its facilities. Photo: Stockfile / FIS

Demand remains the key weak point. End-user recovery has underperformed expectations, with buyers focused on clearing existing inventories rather than placing new orders. This imbalance between concentrated supply and sluggish demand continues to exert downward pressure—especially on smaller-sized squid, which has become the focal point of the current market correction.