LATEST TRENDS. Issue 08/2010 August 2010 GROUNDFISH

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1 Issue 08/2010 INDEX FOR PRICES Groundfish 6 Flatfish 7 Tuna 7 Small Pelagics 7 Cephalopods 8 Crustaceans 8 Bivalves 9 Salmon 10 Trout 10 Freshwater fish 10 Non Traditional Species 11 Seabass 11 Seabream 12 The European Fish Price Report, based on information supplied by industry correspondents, aims to provide guidance on broad price trends. Price information is indicative and should be used only for forecasting medium- and long-term trends. FAO is not responsible for any errors or omissions. LATEST TRENDS In Europe many people take their summer vacation in August and this is having an effect on the European market. While it is still too early to see the final outcome the 2010 tourist season, indications are that this year shorter vacations have been taken closer to home. As a result, fish sales over the supermarket counters will probably hold up better than in other years. However the economic situation is still uncertain and this has had a negative effect on seafood consumption in countries such as Spain, Italy and the UK. Consumers in all markets are looking for value for money. The tourist in-flow to Europe from elsewhere seems to be greater in 2010 compared with In Northern Europe, the summer holiday period has less of an impact on production than in the south. Already the supply of salmon from Norway is increasing with prices softening somewhat, although salmon prices are expected to remain at relatively high levels for most of the rest of the year. GROUNDFISH Surimi sales in the French readymeal market are strong, with leading producers reporting a greater than 20% increase in sales. This indicates that French consumers have regained interest in this product. As a result of the recent economic crisis consumers Surimi - In France, origin: Spain became more costaware Stick 250 gr/pc and reduced purchases of more EUR/kg expensive seafood 2.7 products. Although 2.2 the price of surimi 2.62 increased considerably in recent years, it is still an inexpensive product, which may explain its resurgence in popularity.

2 Cod - In Germany, origin: Poland/Norw ay Hake (Merluccius gayi) - in Europe, origin: Chile EUR/k Fillet block, skinless, boneless USD/kg Fillet block, PBO, deepskinned Fillet interleaved, PBI FLATFISH Demand was steady in July with medium sales. Nevertheless, some farmers are reporting a biomass reduction that is leading to price increases in most sizes. If demand grows as expected in southern European countries as a result of the summer season, prices will continue their upward trend. Turbot - In Spain, origin: Spain EUR/kg Fresh - whole, cultured 0.5-1kg/pc 1-2 kg/pc 2-4 kg/pc 3-4 kg/pc TUNA Tuna raw material prices turned lower after leading tuna canneries in Thailand announced that orders from canned tuna buyers were insufficient to fill production capacities in August. The price of skipjack fell to USD 1 450/tonne from USD 1 700/tonne in July. This reduction in market value occurred despite lower catch levels in the Indian Ocean and in the all important Western and Central Pacific Ocean where fishing on FAD s (fish aggregating devices) has been banned during the months of July, August and September by the Western and Central Pacific Tuna Commission. In the Eastern Tropical Pacific (ETP) catches continued to be disappointing for most fleets. The Inter-American Tropical Tuna Commission s two-month ban on fishing for approximately half of the ETP fleet started on 29 July. Following Bangkok s lead, the price of skipjack in Ecuador decreased from USD 1 850/tonne in July to about USD 1 700/tonne in August. Yellowfin prices in the ETP continued to be strong at about USD 2 150/tonne FOB Manta. Tuna Loins - In Europe, origin: Latin America Prices of tuna from the Indian Ocean also softened. The price of skipjack in the Seychelles dropped from EUR in July to EUR in August. The price of yellowfin in the Seychelles went down slightly to EUR 1 800, from EUR in July. In West Africa prices for skipjack were relatively stable at about EUR Yellowfin round 20 kg/up sold for USD 2 450/tonne CIF Italy. USD/kg Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Yellowfin 6.95 Jun-10 As prices of loins lag behind the raw material market, the price of loins increased to reflect the previous month s increased cost of raw material. Yellowfin loins double cleaned sold for USD DDP Italy and skipjack loins double cleaned USD DDP Italy. 2

3 CEPHALOPODS Squid - In Italy, origin: South Africa EUR/kg Squid - Whole, FAS, size M 4.60 The European market for squid remains static at its current levels. Catches continue to be moderate. The South African currency is strong at present, which underpins the price, with catch costs now allowing little profit CRUSTACEANS Demand for shrimp in the European market is good with imports growing compared with a weak Prices are also much higher than last year, as a result of supply problems in Asia because of the harsh Penaeus spp - Frozen, PD, IQF, 10% glazing In Italy, origin: India winter conditions with a corresponding drop in production. In 2009 global USD/kg shrimp supplies from aquaculture fell for the first time in history. European buyers in particular are feeling the crunch as the weaker euro has made the market 6.0 less competitive than the US market, 5.0 which is showing good growth at 4.0 present. The increase in the strength of the euro in recent weeks has been welcomed by the European industry. Following several months of steep increases, in general prices have levelled off in recent weeks. However, prices of black tiger from Asia are still increasing quite markedly, particularly for large sizes mainly because of limited supply. Crab prices are starting to improve as a result of increased demand and high product quality. Crab (Cancer pagurus), origin: France EUR/kg kg/pc European lobster prices are under pressure because of good landings particularly on the east coast of England. Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 BIVALVES Overall demand has moved away from the main cities towards the coast and tourist areas. Mussels: demand is good with prices slightly down on last year, meat yield appears to be lower than expected at around 25-27% rather than 30% as previously announced by the Dutch mussel producers. 3

4 Oysters: Mortalities appear to have stopped in France but the mortality level was particularly high and the oyster industry is concerned about the future. There will be a stock shortfall for the 2010/11 season, which will mean lower profits for the industry. Clam, w holesale Milan origin: Italy EUR/kg In shell Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun Salmon - In Europe, origin: Norw ay EUR/kg Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 SALMON Fresh, gutted, head-on, 3-5 kg/pc 4 Atlantic salmon prices are easing downwards after the high levels reached in July. Supply is increasing with the Norwegian producers now back to normal capacity after the summer closures. Additional supplies are also coming to market from Norway as harvesting is being moved forward after the outbreak of ISA at some farms. Recent outbreaks of PD in Western Norway are also creating concern as these fish had already been vaccinated but apparently with limited effect. Demand is reportedly strong in all major markets. Prices therefore are expected to stabilise at present levels for the next few months. Chilean producers are slowly returning to market with some orders now taken for late 2010 delivery will remain tight despite some added production in Norway, and Chile also increasing its supplies. Norwegian salmon exports statistics for January-July 2010 show exports reaching tonnes (round weight equivalents), up 15% in volume from last year, and a 30 % increase in value to NOK 16.6 billion. The EU remains the largest market with 65.6% of Norway s exports (value) of salmon in the first seven months of the year. Poland, Russia and the US continue to show remarkable growth but also smaller markets such as the Ukraine, Israel, China, Taiwan Province of China, Viet Nam, Singapore and Malaysia are expanding quickly. Of course a large part of the Norwegian increase is the result of the shortfall in the Chilean supply; however there is an underlying positive trend in world salmon consumption with new markets showing much higher growth than traditional markets. TROUT Trout prices in the Italian market remain surprisingly stable, helped to some extent by the high levels of farmed salmon. On the contrary, demand is slightly weaker, a seasonal phenomenon caused by the Italian predilection for August holidays. In Italy, as in most other European trout markets, production is focusing on domestic demand. 4.90

5 Among non-european producers, South Africa is experiencing sluggish demand with the domestic economy under pressure. Demand from its export markets is also weak with the appreciation of the local currency against the euro making the product expensive for export. Trout - Fresh, live, farmed - ex-farm prices in Italy EUR/kg Trout: Salmo spp Rainbow Trout: Oncorhynchus mykiss Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 FRESHWATER FISH Carp - in Europe, origin: Hungary EUR/kg Carp - whole - live Carp - Fillets fresh on ice Bighead carp - Fillet fresh on ice Carp prices remain close to average for the period. Sales and prices fluctuate with promotional sales campaigns using discounts as the main volume mover. Aug-05 Dec-05 Apr-06 SEABASS AND SEABREAM Seabass and seabream prices are stable to slightly weaker. Demand is firm in all markets except Spain although prices are under some pressure as volumes are increasing from the new generation fish. Spain, though, continues to import from other producers such as Greece with Spanish trucks making the journey weekly. Overall supply from Greece, the largest exporter, is ample especially of small sizes Seabass and Seabream - In Italy, origin: Greece although recent transportation strikes caused some minor delays in Seabass fresh whole gr/pc shipments at the beginning of the EUR/kg Seabream fresh whole gr/pc month. Production of organic bass and bream is increasing although lack of organic feed contributes to keeping production costs high. Most producers expect a boost for the sector after the introduction of new EU standards on 1 July In the Italian market, fish continues to be sourced from almost all producing countries. The national product is priced at a premium costing at the moment EUR 1.65 per kilo more than the Greek product and EUR 2.25 more than that of Turkish origin (wholesale prices). Russia is a promising and growing market for bass and bream, especially after direct road transport from Greece has reduced costs significantly. Margins however are low for exporters with the main benefit going to distributors but also to consumers in terms of lower prices at the fish counter

6 Fish Species Product Form Grading Price per kg Reference Trade Name As stated Euro US$ & Area GROUNDFISH Origin Cod/Cabillaud, Morue/ Fresh - fillet gr/pc Italy wholesale Northern Bacalao Europe Gadus morhua Salted (Baccalà) Norway Dried (Stoccafisso) Soak (Stoccafisso) Fillets, skinless, 16.5 lb Germany ddp Barents Sea boneless, blockfrozen Fresh gutted Poland des Baltic Sea Hake/Merlu/Merluza Fillets interleaved, PBI 2-4 oz/pc = Europe cfr Chile Merluccius gayi deep skinned Fillets PBO interleaved = deep skinned Fillets PBI regular skinned = Merluccius capensis H&G, IWF Spain cif Namibia Skin-on fillets, plate No quotations land-frozen Merluccius productus Fillet, regular, skinned, PBO 16.5 lb = Germany cfr USA Skinless, boneless, 20% glaze 4-6 oz/pc European main China EU treated ports cfr Patagonian grenadier/ Fillet - PBO 3X7.5 kg/ct No quotations France cfr Chile Grenadier de Patagonie/ Merluza de cola Macruronus magellanicus Alaska pollack/lieu Fillet block, skinless, boneless 16.5 lb Germany ddp USA de l'alaska/colín Russia de Alaska China Theragra chalcogramma Fillet, skinless, PBI, blockfrozen Russia Fillet, skinless, boneless, PBO 4-6 oz/pc European main China bulk, IQF, 20% glaze ports cfr Fillet, skinless, boneless, PBO 4-6 oz/pc EU chemical treated 80%, 20% glaze > Fillet, skinless, PBI, bulk IQF, 20% glaze IQF, 30% glaze Surimi (Alaska pollack) Stick - grade A 250 gr/pc = France ddp Spain Saithe/Lieu noir/ Frozen - block, fillet, 16.5 lb = Europe ddp Norway Carbonero (Pollock, Coley) skinless, boneless = Faeroe Islands/ Pollachius virens Iceland Monkfish/Baudroie/ IQF tail, skin-on gr/pc = European main China Rape 15% glaze gr/pc = ports cfr Lophius spp = > IQF, skinless, belly-on 20% glaze gr/pc * IQF tails, skinless gr/pc No quotations Spain cif Namibia 20% glaze - IWP Haddock/Eglefin/Eglofino Fillet, skinless, boneless 16.5 lb = Germany ddp Barents Sea Melanogrammus blockfrozen aeglefinus 6

7 Fish Species Product Form Grading Price per kg Reference Trade Name As stated Euro US$ & Area FLATFISH Origin Turbot/Rodaballo Fresh - whole kg/pc Spain cif Spain Scophthalmus maximus cultured Dover sole/sole/ Raw material No = Netherlands fob Netherlands Lenguado No Solea vulgaris Frozen No. 2 No quotations cif 40% glaze No. 3 (for Spanish mkt) Plaice/Plie/Solla Frozen No Pleuronectes spp. European Flounder/ Fresh whole very small Poland des Baltic Flet d'europe/ Platija europea Platichthys flesus TUNAS/BILLFISHES Tuna/Thon/Atún Fresh bluefin tuna whole Italy wholesale Imports Thunnus spp. sliced Yellowfin - cooked & cleaned double cleaned ddp Ecuador/ loins - vacuum packed Mauritius/ Solomon Is Skipjack - cooked & cleaned double cleaned Kenya loins - vacuum packed Whole - round > 20 kg/pc * Ghana Yellowfin - whole > 10 kg/pc Spain cif Philippines Atl./Ind. Ocean Skipjack - loins Indian Ocean Yellowfin - loins Skipjack - whole Yellowfin - whole Bigeye - whole > 10 kg/pc = Atlantic ocean Skipjack - whole kg/pc cif Yellowfin frozen loins Eastern pacific Skipjack frozen loins ocean Swordfish/Espadon/ Smoked - whole Italy wholesale Italy Pez espada Smoked - slices Xiphias gladius SMALL PELAGICS Herring/Hareng/Arenque Fresh - whole gr/pc Poland des Baltic Clupeidae Whole > 300 gr/pc No quotations Norway cif Norway Capelin/Capelan/ Whole Mixed fob Capelán Mallotus villosus European anchovy/ Fresh first category Italy wholesale Italy Anchois/Boquerón Engraulis encrasicolus European pilchard/ second category No quotations Sardine d'europe/sardina Sardina pilchardus Sprat/Sprat/Espadín Fresh - whole Poland des Baltic Sprattus sprattus 7

8 Fish Species Product Form Grading Price per kg Reference Trade Name As stated Euro US$ & Area CEPHALOPODS Origin Squid/Encornet/Calamar Fresh Large Italy wholesale Imports Loligo spp Italy Tubes cleaned frozen block pc/kg cfr India Frozen - whole S (< 18 cm) cif South Africa M (18-25) L (25-30) XL (>30) = Whole cleaned IQF 10% glaze < 3 pc/kg Germany cfr India Illex Ring, 30% glaze European main China 50% glaze ports cfr Todarodes pacificus Tubes, 30% glaze, wing off < Tubes, IQF, tip-on, EU chemical < treated, 30% glaze Octopus/Poulpe/Pulpo Frozen - whole T = Spain wholesale Morocco Octopus vulgaris T = T = T = T = T = T = T = T = T fob Mauritania T (for Japanese mkt) T T T T Cuttlefish/Seiche/ Whole cleaned, bulk 2-4 pc/kg No quotations Germany cfr India Sepia 20% glaze 5-7 Sepia officinalis 8-12 CRUSTACEANS Black tiger/crevette Head-on, shell-on pc/lb No quotations Germany cfr Viet Nam tigrée/camarón tigre IQF, 20% glaze Penaeus monodon Coldwater shrimp/ Fresh - Pre-cooked packed Italy wholesale Italy Crevette nordique/ PUD, IQF, 10% glaze gr/pc = cfr Denmark Camarón boreal Pandalus borealis Whiteleg shrimp/ Head-on, Shell-on pc/lb * Ecuador fob Ecuador Crevette pattes * EMP blanches/camarón * patiblanco * Penaeus vannamei * * Head-on, Shell-on pc/lb Germany cfr China 100% net weight

9 Fish Species Product Form Grading Price per kg Reference Trade Name As stated Euro US$ & Area CRUSTACEANS (cont.) Origin PD, raw, 20% glaze pc/lb Netherlands cfr C&P, IQF, tail-on, EU treated pc/lb European main 30% glaze uncompensated ports cfr IQF, headless, shell-on, EU pc/lb treated, 20% glaze uncompens IQF, PD, 20% glaze, EU treated pc/lb Denmark cfr Warmwater shrimp/ Frozen, PD, IQF, 10% glaze pc/lb = Italy cfr India Crevette d'eau chaude/ Frozen, PUD, IQF, 10% glaze pc/lb = UK cfr Langostino, Gamba Penaeus spp. Giant river prawn/ Block - 100% net weight < 5 pc/lb No quotations Germany cfr Bouquet géant/ Headless, shell-on 6-8 Camarón gigante 8-12 Macrobrachium rosenbergii Mantis shrimp/squille/ Live Italy wholesale Italy Galera Squilla mantis Fresh European lobster/ Live bulk = France cif Ireland Homard européen/ Bogavante Homarus gammarus American lobster/ Frozen whole cooked < 450 gr/pc CAN = Europe cif Canada Homard américain/ popsicle > 450 CAN = Bogavante americano Homarus americanus Edible crab/tourteau/ Live bulk France cif Ireland Buey de mar Cancer pagurus BIVALVES Oyster/Huître/Ostra Live Italy wholesale France Crassostrea gigas Italy Live No = France prod. price Ireland/France Mussel/Moule/Mejillón Live - Rope No quotations cif to packer Ireland Mytilus edulis Live - Bottom mussel * Netherlands auction Netherlands Scallop/Coquille Saint- Chilled - shell-on Italy wholesale Italy Jacques/Vieira Shell-off Pecten jacobaeus Fresh - aquaculture Germany wholes. Asia Scallop/Peigne/Peine Fresh Italy wholesale Italy Chlamys spp. Venus clam/praire/ Live Chirla - Venus gallina Grooved Carpet shell/ Live Palourde/Almeja fina Venerupis semidecussatus Razor shell/couteau/ IQF - 5% glaze 12 cm No quotations Spain cif Netherlands Navajas - Solenidae 9

10 Fish Species Product Form Grading Price per kg Reference Trade Name As stated Euro US$ & Area SALMON Origin Atlantic salmon/ Fresh - gutted, head-on 1-2 kg/pc France cif Scotland Saumon de l'atlantique/ Superior quality Salmón del Atlántico Salmo salar Fresh - gutted, head-on 1-2 kg/pc ddp Norway Superior quality = > Fresh - Cutlet, skin-on * Germany wholesale Fresh - Fillet, skin-on * Fresh - skin-on steak No quotations Germany TROUT Trout/Truite/Trucha Fresh on ice whole kg/pc HUF Hungary exw Hungary Salmo spp. Fillet - farmed gr/pc = Italy ex-farm Italy Live - farmed gr/pc = Rainbow trout/ Fillet - trim C - IQF lb/pc No quotations France cif Chile Truite arc-en-ciel/ Whole gutted Germany Germany/ Trucha arco iris wholesale Italy Oncorhynchus mykiss Live - farmed gr/pc = Italy ex-farm Italy Gutted = Fresh - whole gutted gr/pc ZAR * SA fob (for EMP) South Africa FRESHWATER FISH Nile perch/perche du Fresh - fillet Italy wholesale Imports Nil/Perca del Nilo Germany wholesale Tanzania Lates niloticus Nile tilapia/tilapia du Fillets, IQF, skinless, boneless 3-5 oz/pc cfr China Nil/Tilapia del Nilo PBO, 20% net weight Oreochromis niloticus Fillets, IQF, 20% glaze, co- 3-5 oz/pc European main treated ports cfr Gutted and scaled, IQF, gr/pc head-on, fins-on, tail-on, % gaze > Fillets, IQF, skinless, boneless, 3-5 oz/pc PBO, CO treated, EU treated % glaze Wels/Silure glane/siluro Fresh - whole, gutted, head-on kg/pc HUF * Hungary ex-farm Hungary Silurus glanis Pangas catfish/ Fillets - intervld, 10% glaze No quotations Spain cfr Viet Nam Panga/Pez gato sknlss, bonlss, belly-off gr/pc Pangasius spp. Fillets - IQF, white, %, 1kg poly bag gr/pc Fresh, fillet skin-off > 170 gr/pc Germany wholesale S-E Asia North African catfish/ Fresh, whole gutted, skinless kg/pc HUF * Hungary ex-farm Hungary Poisson-chat nord- headless africain/pez-gato Fresh - Slices No quotations Clarias gariepinus Fresh - fillets skinless 10

11 Fish Species Price per kg Reference Product Form Grading Trade Name As stated Euro US$ & Area Origin FRESHWATER FISH (cont.) Carp/Carpe/Carpa Fresh - gutted, head-on kg/pc HUF Hungary ex-farm Hungary Cyprinus spp. Fresh - gutted, headless kg/pc HUF Live kg/pc HUF = Fresh on ice - slices HUF Fresh on ice - fillets HUF Grass carp/ Live kg/pc No quotations Carpe herbivore/ Fresh on ice, whole, 1-3 kg/pc HUF * Carpa china Ctenopharyngodon idellus gutted, head-on Fresh on ice, slices Fresh on ice, fillets Bighead carp/carpe à Live kg/pc grosse tête/carpa Fresh - fillet 1-3 kg/pc capezona Fresh on ice slices 1-3 kg/pc Aristichthys nobilis Fresh on ice whole, kg/pc gutted, scaled, headless European eel/ Live Small Italy wholesale Italy Anguille d'europe/ Large Anguila europea Anguilla anguilla NON-TRADITIONAL SPECIES Sturgeon/Esturgeon/ Frozen - Whole kg/pc No quotations France cif France Esturione Gutted 5-7 kg/pc Acipenseridae Fillets gr/pc A.baeri Caviar (Aquitaine) metal boxes Picked dogfish/aiguillat Fresh - skin-off No quotations Italy wholesale commun/mielga Squalus acanthias Grouper/Mérou/Mero Fresh Imports Epinephelus spp Italy John dory/saint Pierre/ Fresh Pez de San Pedro Imports Zeus faber Red scorpionfish/ras- Fresh casse rouge/cabracho Italy Scorpaena scrofa No quotations No quotations Seabass/Bar, Fresh - whole gr/pc Greece fob Greece Loup/Lubina Dicentrarchus labrax > gr/pc Italy cif = = > Northern Europe SEABASS 11

12 Fish Species Price per kg Reference Product Form Grading Trade Name As stated Euro US$ & Area Origin SEABASS (cont.) Seabass/Bar, Fresh - whole gr/pc France cif Greece Loup/Lubina = Dicentrarchus labrax = > gr/pc Spain cif = = > gr/pc Germany cif = = > gr/pc Portugal cif = = > gr/pc UK cif = = > SEABREAM Gilthead seabream/ Fresh - whole gr/pc Greece fob Greece Dorade royale/dorada Sparus aurata > Fresh - whole gr/pc Italy cif > gr/pc France cif >

13 Fish Species Price per kg Reference Product Form Grading Trade Name As stated Euro US$ & Area Origin SEABREAM (cont.) Gilthead seabream/ Fresh - whole gr/pc Spain cif Greece Dorade royale/dorada Sparus aurata > gr/pc Germany cif > gr/pc Portugal cif > gr/pc UK cif >

14 The European Fish Price Report is a monthly GLOBEFISH publication, prepared by Karine Boisset, Audun Lem, Paola Sabatini and edited by Hilary Cochrane. FAO GLOBEFISH (Network coordinator) Viale delle Terme di Caracalla Rome - Italy Tel: (39) Fax: (39) globefish@fao.org Web site: INFOPECHE (Africa) Tour C, 19éme étage, Cité Administrative Abidjan 01 - Côte d Ivoire Tel: (225) Fax: (225) infopeche@aviso.ci It can be ordered from the FISH INFONetwork: INFOPESCA (Latin America) Julio Herrera y Obes Montevideo - Uruguay Tel: (598) Fax: (598) infopesca@infopesca.org Web site: INFOYU (China) Rm. 816, Bldg. 22, Maizidian Street - Chaoyang District Beijing China Tel: (86-10) Fax: (86-10) infoyu@agri.gov.cn Web site: EUROFISH (Central and Eastern Europe) H.C. Andersens Blvd Copenhagen - Denmark Tel: (45) Fax: (45) info@eurofish.dk Web site: INFOSAMAK (Arab Region) 71 blvd Rahal El Meskini Casablanca Morocco Tel: (212) Fax: (212) infosamak@infosamak.org Web site : INFOFISH (Asia/Pacific) Level 2, Menara Olympia 8 Jalan Raja Chulan Kuala Lumpur - Malaysia Tel: (603) Fax: (603) infish@po.jaring.my Web site: INFOSA - sub-office INFOPECHE (Southern Africa) 89, John Meinert Street- West Windhoek -Namibia Tel: (264) Fax: (264) infosa@infosa.org.na Web site: PRICE REFERENCE exw ex works fca (replaces fot) free carrier fas free alongside ship fob free on board cfr (replaces c&f) cost and freight cif cost, insurance and freight cpt carriage paid to cip carriage and insurance paid to daf delivered at frontier des delivered ex ship deq delivered ex quay (duty paid) ddu delivered duty unpaid ddp delivered duty paid PRODUCT FORM IQF individually quick frozen IWP individually wrapped pack PBI pinbone in PBO pinbone off C&P cooked and peeled H&G headed and gutted FAS PD frozen at sea peeled and deveined PUD peeled, undeveined SYMBOLS + Price increased in original currency since last report - Price decreased in original currency since last report = Updated but unchanged price * New insertion Not updated since last issue CURRENCY RATES USD EUR Canada CAD Hungary HUF Norway NOK Switzerland CHF UK GBP USA USD EU EUR Japan JPY South Africa ZAR Source: Federal Reserve Bank of New York 04/08/10 GLOBEFISH Market Reports are available from the GLOBEFISH web site:

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16 Food and Agriculture Organization of the United Nations Fish Products and Industry Division Viale delle Terme di Caracalla Rome, Italy Tel: Fax: