Giant Squid Fishery in Peru Nears End in 2026: Raw Material Prices Plunge 600 Soles in a Week | Full Analysis of Domestic and Overseas Market Trends

The 2026 fishing season for giant squid in Peru is drawing to a close as the annual fishing quota is nearly exhausted. The market is seeing a distinctive trend: dwindling remaining quotas, a short-term rebound in catches, and a consequent drop in prices. Quoted prices for raw squid materials and finished products have adjusted divergently both domestically and internationally. Based on the latest data from Peru's Ministry of Production and real-time market quotations, this article comprehensively reviews the current market dynamics, offering insights and key monitoring points for aquaculture practitioners, traders and processing factories.

I. Progress of Fishing Quotas: Over 90% Completed, Noticeable Gaps Between Large and Small Vessels

According to official statistics released by Peru's Ministry of Production on June 11, the total landing volume of Peruvian giant squid in 2026 has reached 443,259.58 metric tons, representing 92.48% of the annual fishing quota. The fishery has officially entered its final stage.

One week earlier, the cumulative catch stood at 414,902 metric tons, with a quota fulfillment rate of 86.56%. In just seven days, an additional 28,400 metric tons of squid were landed. The quota has been consumed at a markedly faster pace, leaving very limited room for further fishing.

Vessels of different hold capacities show vastly different operational progress:

1. Small vessels (hold capacity ＜ 10 cubic meters): Total quota: 72,030 metric tons; actual landings: 68,061.75 metric tons, accounting for a fulfillment rate of 94.49%. Their quotas are almost fully used up.

2. Large vessels (hold capacity ≥ 10 cubic meters): Total quota: 224,124.5 metric tons; actual landings: 192,041.32 metric tons, with a fulfillment rate of 85.69%. A moderate amount of quota still remains compared with small vessels.

Overall, small vessels have basically finished their fishing tasks, while large vessels have become the main source of current squid landings. Even so, the entire fishing season is about to end.

II. Raw Material Prices: Short-term Supply Rises, Local Prices Drop by 15.8% Weekly

The most striking market change is the inverse relationship between raw squid prices and quota consumption. Conventionally, prices tend to rise when the fishing quota nears exhaustion and supply tightens, yet the current market has defied this rule.

Market quotations on June 12 showed that the price of raw squid in south-central Peru fell from 3,800 Soles per metric ton a week ago to 3,200 Soles per metric ton, a weekly drop of 600 Soles and a decline of 15.8%.

The price decline has a clear cause. Squid stocks in Peruvian waters have recovered recently, with daily catches surging to over 4,000 metric tons at one point, leading to a sharp increase in immediate spot supply. Although more than 90% of the annual quota has been used, the sudden influx of landed squid has boosted spot inventories. Processing plants and traders are well-stocked, which has pushed raw material prices down.

Industry insiders state that this price fall is a short-term market reaction following the recovery of fishing activities. In the long run, the annual quota will soon be depleted, and daily catches will inevitably shrink gradually. After the temporary supply surplus fades, the market should watch out for price volatility caused by potential supply shortages.

III. Imported Squid Quotations: Widening Price Gaps Across Specifications, Pricing Determined by Processing Attributes

The price drop of local raw materials in Peru has been passed on to China's import market. Quotations for various imported squid products were fully updated on June 12, with significant price differences among products of different forms and sizes. Processing difficulty, yield rate and end-use have become the core factors for pricing. Detailed quotations are as follows:

• Halved mantles (1000g+ specification): Approximately 2,000 US dollars per metric ton

• Raw mantles: 2,100 US dollars per metric ton (500–1000g); 2,090–2,100 US dollars per metric ton (1000–2000g)

• Raw fillets: 2,050 US dollars per metric ton (1000–2000g); 1,990 US dollars per metric ton (2000g+); 1,950 US dollars per metric ton (2000–4000g)

• Processed tentacles (five-part trimmed, 1000–2000g): Approximately 3,080 US dollars per metric ton

It can be seen that deeply processed products such as trimmed tentacles command much higher prices than basic raw fillets and mantles due to complex production procedures. Within the same product category, large-sized materials are generally cheaper, while medium and small-sized products are more popular and maintain firmer prices.

IV. Domestic Market: Overall Prices Stable, Only a Few Specifications See Mild Cuts

China's domestic spot, frozen and cooked squid markets operate steadily. Most product prices remain unchanged week on week, with only a small number of small-sized squid recording slight price reductions, and market participants adopting a wait-and-see attitude.

1. Quotations for whole ocean-caught squid

Large-sized whole squid: 14,500–14,800 RMB per metric ton; squid tails: around 16,500 RMB per metric ton; squid heads: around 22,000 RMB per metric ton; medium-sized whole squid: around 13,500 RMB per metric ton; alternative large-sized squid: 12,500 RMB per metric ton; extra-small whole squid: 14,800–15,000 RMB per metric ton; tiny whole squid: 15,800–16,000 RMB per metric ton. No obvious price changes for the above specifications.

The only product with a price adjustment is small-sized whole squid, whose price dropped from 14,400–14,500 RMB per metric ton to 14,000–14,100 RMB per metric ton, a mild decline of about 2.8%.

2. Quotations for frozen and cooked products (Major markets: Shidao and Longkou, Shandong Province)

• Frozen products: Frozen Argentine squid: 46,000–49,000 RMB per metric ton; vessel-caught tentacles: 19,000–26,500 RMB per metric ton; squid mantles: 22,000–24,000 RMB per metric ton; Peruvian squid flower cuts: 17,500–19,000 RMB per metric ton; medium squid flower cuts: 24,000–25,500 RMB per metric ton; mini baby octopus: 10,000–12,000 RMB per metric ton. All frozen product prices stay stable.

• Cooked products: Squid tail shreds: 26–30 RMB per jin; white shreds & threaded shreds: 25–30 RMB per jin; squid strips: 27–29 RMB per jin; hand-torn seasoned squid slices: 36–40 RMB per jin. Prices of retail and processed cooked products hold steady.

3. Spot Inventory Structure

Domestic spot stocks are mainly concentrated on two mainstream processed products: raw fillets and raw mantles. Detailed inventory data: 24.24 metric tons of mantles with fins (2000g+), 8.43 metric tons of mantles with fins (1000–1500g), 27 metric tons of raw fillets (2000–2500g), 80.98 metric tons of raw fillets (1000–2000g), 14.25 metric tons of raw mantles (500–1000g). Raw fillets account for the largest inventory volume, indicating that domestic processing enterprises mainly restock specifications with strong market demand.

V. Market Outlook: Two Opposing Factors at Play | Key Monitoring Points for Future Trends

The Peruvian squid market is currently influenced by two conflicting factors. On one hand, over 92% of the annual fishing quota has been used up, the fishery is coming to an end, and supply will tighten in the long run. On the other hand, the recent rise in daily catches and concentrated landings have created a temporary supply surplus, suppressing market prices. Domestic importers, processors and distributors should abandon the simplistic mindset that prices will inevitably rise once the quota runs out. The following four key points require close attention:

1. Official fishing updates from Peru: Track the consumption rate of remaining quotas and daily landing volumes in real time to assess how long the short-term supply surplus will last.

2. Landing pace and closing date of the fishery: Confirm the exact deadline for fishing activities to arrange raw material procurement and inventory plans in advance.

3. Linked fluctuations in import prices: Price changes of Peruvian local raw materials will quickly spread to China's import market; seize optimal procurement windows.

4. Domestic inventory digestion rate: Adjust stock levels rationally based on end-market consumption to avoid excess inventory risks.

As the Peruvian squid fishery enters its final countdown, the market will transition from a short-term supply rebound to the end of the annual fishing season, and a price turning point may emerge at any time. Industry practitioners are advised to keep a close eye on market developments, flexibly adjust procurement, processing and sales strategies, and navigate smoothly through the closing stage of this fishing season.

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