Skipjack Prices Rise in Thailand, But Canned Goods Struggle to Sell

From February 2 to 8, 2026, the price of skipjack raw materials delivered in Bangkok, Thailand, edged up slightly. However, Thai canned food processing enterprises resisted further price hikes, leading to a stalemate in negotiations over shipping schedules and delivery volumes for February, and the market failed to reach a consensus on taking over the goods. The raw material price increase stemmed from the sluggish fishing and tight catches in the Western and Central Pacific Ocean (WCPO) fishing grounds. Nevertheless, the weak terminal sales and sluggish channel restocking of finished skipjack canned products suppressed buyers' purchasing intentions. Meanwhile, there were significant divergences in the market regarding the actual transaction price range of skipjack, with the price gap assessed by the industry reaching 100 US dollars per ton, leaving the market in an overall state of price discovery.

Advanced orders for defense-related supply chains driven by geopolitical risks have boosted the raw material demand of canneries. Yet, due to hindered price hikes for finished products, cost pass-through could not be achieved, prompting processing enterprises to push hard for lower prices in raw material procurement. In the US market, the ruling on the constitutionality of the tariffs imposed during the Trump era is still pending. Tariff pressures and the weak global canned food market have kept buyers cautious, and the Q1 growth expectations of Thai processing enterprises still rely on a more noticeable recovery of finished product demand.

The supply and demand game in the global skipjack market varies across different ocean regions:

• In the Eastern Pacific Ocean (ETP), the expectation of a rebound in catches after the end of the seasonal fishing moratorium did not lead to price-cut transactions, and skipjack supply remains tight. Delivery prices for March may drop if catches improve.

• Yellowfin tuna prices are under pressure due to high catches in the Eastern Pacific Ocean, and the narrowing price gap of skipjack between Ecuador and Southeast Asia may reshape the regional processing pattern.

• In the Indian Ocean, skipjack prices have edged down slightly, and the industry is paying close attention to the impact of skipjack being incorporated into the Total Allowable Catch (TAC) framework. European shipowners involved have considered adjusting their operational strategies.

• The Atlantic market is in a slump with transactions driven mostly by scattered spot opportunities. After the exhaustion of the Autonomous Tariff Quota (ATQ) for tuna loins in the EU, the rise in import costs has further squeezed processing profits.

In addition, the India-EU Free Trade Agreement (FTA) signed on January 27 has created variables for the tuna trade. Once the agreement takes effect, Indian tuna exports to the EU will enjoy zero tariffs. Although the current scale of India's exports is limited, it has already influenced the long-term planning of the European processing sector regarding raw material sources and tax burdens.

Overall, the price stalemate in Thailand's skipjack market is a direct conflict between tight raw material supply and weak finished product demand. In the short term, market sentiment will be dominated by the recovery of fishing catches and uncertainties over tariffs and policies. The core factor determining whether prices can stabilize lies in whether the terminal demand for canned products can absorb the pressure of rising costs.