Argentine squid prices fall to a two-year low, while Peru has completed nearly 90% of its fishing quota.
For Week 36 (August 28 to September 3), the overall offer prices of ocean-going squid at the Zhoushan Zhejiang Agricultural Center trended downward with divergent performances across varieties: Peruvian squid fluctuated within a narrow range while small-sized products bucked the trend and rose. Selected sizes of Argentine squid fell by as much as RMB 2,650 per ton in a single week; the 100–150g size was quoted at RMB 32,000–32,500 per ton, slipping toward a nearly two-year low. In its weekly report, the Zhejiang Agricultural Center characterized the current market condition as “weak oscillation with partial bottoming.”
Price declines for Argentine squid were concentrated in three specifications. According to data from the Zhejiang Agricultural Center, the composite offer for the 100–150g grade dropped RMB 2,650 per ton week-on-week to RMB 32,000–32,500 per ton, marking the steepest fall among all sizes in this cycle. The 150–200g grade decreased by RMB 650 per ton to RMB 35,000–36,500 per ton, and the 300–400g grade fell RMB 500 per ton to RMB 40,000–41,000 per ton. Offers for remaining sizes remained unchanged. The direct driver behind the price slump was concentrated arrivals of cargo. The phased surge in landings was not matched by a corresponding pickup in downstream purchasing, putting pressure on prices for certain specifications.
Squid fishing on the high seas in Argentine waters has concluded, meaning no near-term supply increases from this fishery. On September 2–3, the Federal Fisheries Council of Argentina held its 24th meeting and approved a five-year renewal of the fishing projects for two squid-jigging vessels, Zhou Yu 9 and Zhou Yu 10, owned by COFC Argentina S.A. Both vessels received an overall score of 35 points. Evaluation criteria covered commitments such as the proportion of Argentine crew, vessel age, and supporting onshore processing facilities. Their subsequent operations will remain subject to ongoing compliance audits. This development follows the shipbuilding dispute surrounding 18 new fishing license projects in August. Most approved projects are planned to be constructed at Chinese shipyards, while Argentina’s domestic shipbuilding industry is demanding license quotas reserved for local ship construction.
In Peru, data released by the Ministry of Production on September 3 showed cumulative landings of Peruvian squid reached 623,928.78 tonnes during the 2026 fishing season, accounting for 87.92% of the annual quota. This quota was only expanded in late August. Based on scientific findings from Operation Giant Squid V, the total allowable catch (TAC) for 2026 was raised to 709,659 tonnes. The additional 82,000 tonnes will be released in two phases: half in September and the remainder between October and December. Landings have advanced markedly in the first few days of the new phase. A total of 1,920 tonnes were landed over five days from August 30 to September 3, with a single-day peak of 1,221 tonnes on September 2; figures for September 3 are pending revision. Vessels with hold capacity below 10 cubic meters have landed 281.50 tonnes against their phase limit of 9,878 tonnes, completing 2.85% of their quota. Vessels with hold capacity above 10 cubic meters have landed 1,638.90 tonnes under their 31,282-tonne limit, achieving 5.24% of their allocation. Nearly one month remains until the phase deadline of September 30.
Side effects from concentrated landings have emerged. New regulations impose no limits on fishing trips for small vessels with hold capacity under 10 cubic meters. A large number of small boats sailed out simultaneously and returned catches to port within a short timeframe, creating local oversupply and price drops. Concentrated landings in major producing regions have strained processing capacity, with some catches suffering losses due to inadequate cold storage. These dynamics have widened price gaps across Peruvian squid sizes, per Week 36 data from the Zhejiang Agricultural Center. Offers for small whole raw squid rose RMB 250 per ton to RMB 12,600–13,000 per ton, one of the few grades posting gains amid sustained robust downstream demand for small sizes. Large whole raw squid dipped RMB 100 per ton to RMB 10,800–11,700 per ton, and other specifications held steady. Trading volume picked up notably: online transactions at the Zhejiang Agricultural Center hit 1,919 tonnes, more than quadrupling from 458 tonnes in Week 35. Quotations for Peruvian equatorial squid in Weihai remained stable on September 4: 300–500g at RMB 14,000/tonne, 500–1000g at RMB 12,400/tonne, and 1000–2000g at RMB 11,500/tonne.
Catch rates for high-seas fleets have rebounded. In Week 36, the average daily catch per high-seas squid-jigging vessel stood at 2–3 tonnes, a marked improvement from roughly 1 tonne in Week 35. Since December 2025, the cumulative average catch per vessel has reached approximately 850 tonnes. Chinese squid-jigging fleets dominate this high-seas fishery, yet their trade flows diverge from coastal commerce. Since 2024, these fleets have stopped calling at Peruvian ports. China nevertheless remains Peru’s top export market for squid; Peru exported 211,500 tonnes of squid to China in 2025.
Data from the General Administration of Customs shows total imports of squid and cuttlefish products reached 451,800 tonnes between January and July, with roughly 88,000 tonnes imported in July alone. Over the same period, exports stood at 245,500 tonnes, down approximately 18% year-on-year. Surging imports coupled with shrinking exports have kept inventory levels high at ports and processing plants. The industry weekly report attributes the current market correction jointly to inventory pressure and weak demand, rather than widespread production increases in producing regions.
Quotations from other fishing grounds stayed largely flat. North Pacific squid-jigging catches saw mixed price movements: the 500–1000g grade edged down RMB 30 per tonne, while the 1000–1500g grade rose RMB 870 per tonne. Composite offers for all sizes of Indian Ocean squid remained unchanged week-on-week.
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