Bad season for giant squid in the Pacific and expectations in the Atlantic for illex that begins

A Poor Squid Season in the Pacific Ends as Expectations Build for Illex in the South Atlantic

PERU
Tuesday, December 10, 2024, 00:10 (GMT + 9)

According to "Fei Xiong Catch Fish," as of December 4, 2024, giant squid (dosidicus gigas) fishing operations continued in the port of Pucusana, Peru.

However, despite ongoing efforts, total catches have been relatively low. Only a few artisanal fishing vessels have managed hauls of about seven tons, falling far short of meeting the needs of processing plants. Consequently, most processing facilities remain idle or are operating well below capacity. The squid caught this season typically weigh between 2 and 4 kilograms. Although market prices have softened slightly, they remain high, ranging between 10,000 and 12,000 soles per ton (approximately $2.68–$3.21 per kilogram).

Photo: YouTube

Local Market Challenges

In the local market, supply shortages persist, leading some buyers to adopt a wait-and-see approach. This limited supply has also prevented processing plants from resuming full operations. While market prices have dipped slightly, they remain relatively high, maintaining the overall stability of the squid market despite fluctuations.

Photo: YouTube

Offshore Fishing Struggles

Offshore fishing results near the equator have also been disappointing. Average catches per vessel range from 3 to 5 tons, significantly below historical norms for this period. Some fishing vessels have shifted operations toward the edge of Peru’s exclusive economic zone (EEZ) but with similarly limited success. Meanwhile, the growing number of export orders and rising demand from Chinese processing plants have pushed up market prices for deep-sea squid slightly.

Photo: Stockfile

Price Trends for Oceanic Squid

In the global oceanic squid market, price increases have been most pronounced for small and extra-small squid strips, rising by 1,000 yuan per ton and 1,000 to 1,500 yuan per ton, respectively. Prices for jumbo squid have also climbed, with increases of 500 to 700 yuan per ton. Other squid varieties saw price hikes of about 500 yuan per ton. However, industry experts anticipate that with a slowdown in export demand, market prices may gradually decrease in the near future.

Looking Ahead

Attention now turns to the illex squid season in the southwestern Atlantic, followed by the next season for jumbo squid (Dosidicus gigas) in the Pacific. These upcoming fisheries will be critical in determining how global squid markets evolve in 2025.

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