Russia Offers $100 Million in Seafood Subsidies, Pollock Producers want to Double Sales to Europe
SEAFOODNEWS.COM by Eugene Gerden February 24, 2015
Moscow- The Russian government will provide $100 million in support of the domestic fishing industry during next three years.
Part of the subsidies will be targeted to Russian pollock producers to help them suspend shipments to pollock processing plants in China. In the last 60 days, prices have fallen from around $1700 a ton for H&G pollock to $1000-$1300 per ton in the Far East, with some quotes at $1350.
This is mainly due to a decline of profitability of Chinese fish processing plants, which has been observed in recent years, due to a decline of demand for their production in the EU market.
But this is also a seasonal pattern, with H&G pollock prices falling around the same amount in January 2014, and then recovering slowly.
At the same time, according to Alexander Efremov, General Director of JSC Yuzhmorrybflot, one of Russia’s largest pollock producers, said Russian producers have no plans to reduce prices...
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