OfBusiness Shrimps Dailies | 19th July 2023

Price

• Prices of shrimp supplies have remained unchanged from yesterday.
• Cost of 38-40 count is approximately Rs.340 per kilogram, while the 48-50 count is priced at Rs.310 per kilogram.
• 43-45 count is available at Rs.320 per kilogram, 60 count at Rs.290 per kilogram, while 70 count at RS.280 per kilogram.

Demand and Supply

• The liquidation process is now in full swing in the Middle East and China, as holding costs continue to accrue on processors.

News

• The seafood industry is expected to rebound by the end of Q3 2023, paving the way for achieving the 10 billion USD export target in 2023. However, reaching this goal necessitates stronger engagement from business communities and all involved parties.
• Ministry of Agriculture and Rural Development noted that the seafood industry is facing challenges due to elevated input costs, limited credit availability, and high interest rates, making it hard for enterprises to access capital.
• Celal Safsoylu, the Head of Karataş Fisheries Cooperative in Adana, revealed that Iranian shrimp are being illegally imported and sold in the market at half the price of domestic jumbo shrimp. to human health and that such foods should be routinely checked.
• Bottom-dwelling sea creatures like shrimp and squid may have higher levels of heavy metals. Regular monitoring of heavy metal levels in these foods is recommended.

OFB’s Opinion

• Consider the possibility of a potential rebound in shrimp exports during the third quarter, as it appears that the demand from the USA may start to increase during that period.