With less than a month left until the Chinese New Year, the vannamei shrimp market in China is entering a critical phase, often considered the ‘money time’ for selling products.
Recent sales and shrimp price trends:
Since the start of the Gregorian New Year, there has been a significant increase in the e-commerce sales volume of vannamei shrimp, especially in the hoso brine bulk 12kg category. In just over 10 days, the price has risen by at least 50 RMB/carton (US$0.50/kg). This surge is a positive sign, as it suggests most of the inventory from the last quarter of 2023 will likely be sold off, leaving only a small part remaining unsold.
Market perception and pricing:
The price for new orders of Ecuador Vannamei shrimp has risen considerably, now US$0.50 higher than the lowest price point earlier in the year. This increase is specific to new shipments from Ecuador and does not apply to the existing stock in China. Importers are cautious about placing new orders at these higher prices due to uncertainties about price stability post-Spring Festival.
Impact on importers:
Despite the recent sales increase, 2023 was a challenging year for most importers, with many facing financial losses. The market’s volatility, especially regarding rapid pricing changes, underscores the need for strategic planning and adaptability.
As the Chinese New Year approaches, the Vannamei shrimp market in China is in a critical sales period. The market shows signs of recovery, but uncertainties about future price sustainability remain. Stakeholders must stay informed and adaptable to capitalize on this crucial time and navigate the potential volatility of the market.