OfBusiness Shrimps Dailies | 7th July 2023

Price

• Prices of shrimp supplies have not changed since yesterday. The cost of 38-40 count is approximately Rs.340/Kg , while 48-50 count is priced at Rs.310/Kg.
• 43-45 count is available at Rs.320/Kg , while 60 count at Rs.290/Kg , and the 70 count at Rs.280/Kg.

Demand and Supply

• Despite the approaching end of the season, flat rates are prevalent across Asia due to sluggish demand.

News

• According to reports, the shrimp culture sector in India is experiencing a forgettable year in 2023, as prices remain stagnant at low levels. This lack of price movement provides little to no incentive for farmers to stock their supplies.
• Vietnam’s shrimp exports are predicted to hit $3 billion in 2023, but the first five months saw 34% drop compared to last year due to factors like higher prices, inflation, declining quality and increased storage costs. US market witnessed a 42% decrease in imports, while the European Union saw 49% decline. Despite these challenges, there are positive indications of a gradual market recovery.
• The conventional method of aquaculture poses serious risks to the environment and regulations, making it an unsustainable approach. Thailand’s shrimp industry, for example, suffered a loss of over USD 11 billion [EUR 10.1 billion] due to a disease that mainly affects environmentally unfriendly ponds.

OFB’s Opinion

• Shrimp processors may want to explore strategies to address the challenges posed by a loss-making season. It could be beneficial for significant players to explore alternative options, such as carefully managing their inventory, to mitigate the impact of potential losses.