Boston Expo Kicks Off: Pollock and Mackerel See Distinct Price Hike Trends, Ecuador Continues to Bet on the US Market
- Doris
- 4 days ago
- 5 min read
The 44th North American Seafood Expo (SENA 2026) was held at the Boston Convention and Exhibition Center in the United States from March 15 to 17. The event attracted 1,215 exhibitors from 50 countries and regions worldwide, with exhibitors from Hong Kong (China), New Zealand, Switzerland, and Sweden making their debut at the North American show.
As the world's largest consumer market, the United States is facing greater tariff uncertainty than in previous years. Coupled with issues such as geopolitical conflicts in the Middle East and rising international crude oil prices, "price hikes" have become almost inevitable in the North American market, leading to relentless price competition.
1. Unstoppable Price Hikes for Pollock Fillets and Block-Frozen Products
The CFR China price for Russian headless and gutted (H&G) pollock (25cm+) has exceeded $1,900 per metric ton, hitting an all-time high. This means the FOB price of twice-frozen fillets and block-frozen products exported by Chinese processors must rise to $3,800 per ton or higher to remain profitable.
This also implies that twice-frozen prices will surpass those of single-frozen products from the U.S. and Russia for Quarter A, with a price difference of approximately $200–$250 per ton. Russian raw materials cannot be exported to the U.S., and shipments to the EU are subject to a 13.7% tariff.
Another driver of price increases is international shipping and fuel costs. Amid Middle East tensions, Chinese processors have become virtually the last option for buyers. Bulk orders for single-frozen products are fully sold out, with no more spot inventory available.
A senior executive at a U.S. fishing company told UCN: "China is the last batch of sellers in the market right now, and the EU market needs larger volumes, so Chinese prices will go up."
Rising Chinese twice-frozen prices will also impact single-frozen quotes in the second half of the year. U.S. and Russian exporters are closely monitoring transactions by Chinese sellers. The market is expected to stabilize in Quarter B, with single-frozen prices set to exceed twice-frozen prices.
2. Canadian Fisheries Ministry Advocates Market Diversification
On the first day of the North American Expo, Joanne Thompson, Canada's Minister of Fisheries, Oceans and the Canadian Coast Guard, delivered a passionate opening speech to her country's business delegates.
She argued that Canada should prioritize export market diversification. The Canadian industry relies heavily on U.S. and Chinese buyers, particularly its relationship with the U.S., which has become a growing concern. The U.S.-Mexico-Canada Agreement (USMCA), signed in 2020, eliminated tariffs on Canadian exports to the U.S. The deal is now being renegotiated, with U.S. President Donald Trump repeatedly threatening to derail it.
"We are each other's largest trading partners, and this economic relationship supports coastal communities and supply chains, bringing high-quality seafood to supermarkets and families across both countries' borders," Thompson said. "In 2025, Canada exported C$8.5 billion worth of seafood to 114 countries, with two-thirds going to the U.S."
"As Canada works to strengthen its relationship with the U.S., we must continue to find ways to help our fisheries industry grow, prosper, and diversify. Expanding our markets is a top priority for Canada. But let me be clear: we need to do this together. When we work hand in hand, when we pull together, we have proven time and again that we can deliver results," Thompson stated.
"Canadian seafood is renowned globally, with 60% certified by the Marine Stewardship Council (MSC). Market diversification will help fishermen find new buyers as global conditions change. The North American Expo is an opportunity to build relationships and showcase the depth of economic integration between our two countries. As Canada's Fisheries Minister, I stand with Canadian fishermen, farmers, processors, and business leaders, knowing that the best path forward is the one we plan together."
3. Iran Conflict Costs Turkish Firms Middle East and U.S. Markets
Turkish sea bass producer Agromey can no longer sustain its U.S. operations due to surging air freight costs stemming from the war in Iran.
Acquired by Kilic in 2024, Agromey became Turkey's largest seafood exporter, shipping 30,000 metric tons of sea bass annually. Three-quarters go to the EU, with most of the remainder destined for the U.S. and Middle East.
The conflict in Iran erupted two weeks ago and continues to escalate. Flight cancellations to the Middle East forced Agromey to suspend sales there. Meanwhile, the U.S. market—once the company's most promising growth area—has become unprofitable due to rising oil prices, despite regular flights from Istanbul to the U.S.
"At current oil prices of around $103 per barrel, we're losing money on U.S. shipments," said Tolga Uruk, Agromey's Sales Director. "We can absorb short-term losses, but it's unsustainable long-term."
"This is an extremely difficult situation for us. We have no choice but to shift focus to the European market, where customers demand fresh fish," Uruk added. "I just hope the conflict ends soon, but that doesn't seem likely right now."
4. Spanish Mackerel Prices Surge
Multiple sources report that Spanish firms have significantly raised mackerel quotes ahead of the new fishing season, which starts in late March to April.
Spanish mackerel price trends align somewhat with Norwegian Atlantic mackerel. Northeast Atlantic supplies plummeted in 2026, prompting many traditional European processors to seek alternative raw materials.
In recent years, large volumes of Spanish spring mackerel have been used primarily as bait in the North American lobster fishery. At the current expo, Spanish factories are quoting €3.50–4.00 per kg, compared to €2.50–2.90 per kg in 2025 and €2.10 per kg in 2024.
"At these price levels, the North American bait market may no longer be cost-effective," one source noted.
5. Ecuadorian Shrimp Firms Add New Production Lines
Ecuadorian exporters achieved strong results in the U.S. market last year, but 2026 may prove more challenging.
"Production and prices in Ecuador are stable for now, but there are uncertainties in some markets, such as China and Europe," Teresa Larreta, Sales Director at Ecuadorian exporter Diosmar, told UCN.
"Chinese and EU customers have reduced purchases—they're unwilling to take any risks, even when some are running low on inventory," Larreta said.
Diosmar operates 4,000 hectares of shrimp farms with an annual output of 120 million pounds. In 2026, the company will focus on expanding further in the U.S. It recently added peeling, deveining, and cooking equipment to meet demand for specialty products, aiming to capture more U.S. market share from traditional value-added powerhouses like India and Indonesia.
Currently, 70% of Diosmar's products supply the U.S. market, with sales to other countries gradually declining. Larreta believes the U.S. market has strong purchasing power: buyers will adjust volumes if tariffs rise and increase purchases if tariffs fall, with no major risks foreseen for now.
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