Squid Market in Early 2026: Surging Supply, Prices Struggle to Recover After a Slump

In the 5th week of 2026, the domestic squid market as a whole saw a slowdown in the decline and stabilized at a low level, with distinct performance across different producing areas.

As the category with the largest import and trading volume in China, the price volatility of jumbo squid from the Southeast Pacific has narrowed significantly. Trading at the Zhejiang Agricultural Trade Center was sluggish in the week, with only large-sized jumbo squid recording a transaction of 23 tons at 20,300 CNY per ton. Except for squid tail fins, whose price dropped by about 2,500 CNY per ton in the week, the price fluctuations of other specifications were limited. Industry insiders believe that processing orders have not seen a significant release around the Spring Festival, and prices are likely to fluctuate at a low level with no rapid rebound in sight.

Supply-side pressure is the dominant factor in the market. Peru's initial squid fishing quota for January-February 2026 stands at 76,324 tons, with 56.95% of the quota already landed, reflecting a relatively fast fishing pace. Local authorities have relaxed the hold capacity restrictions for artisanal fishing vessels, improving the operational efficiency of single voyages. Fishing operations on the high seas are also active, with an average daily output of 4-10 tons per vessel, further consolidating the loose supply pattern.

In contrast, the price of Argentine squid from the Southwest Atlantic has remained relatively stable. No off-quota transactions were recorded at the Zhejiang Agricultural Trade Center in the 5th week, with quotations fluctuating slightly: small-sized squid prices declined, while the fluctuation range of other specifications narrowed. Argentina is conducting a new round of scientific surveys on squid resources, and the game over fishing policies is still ongoing, leading to uncertainties in subsequent supply. The fishing performance of Argentine squid on the high seas was mediocre, with an average daily output of less than 3 tons per vessel, providing phased support for market prices.

For the market as a whole, pelagic squid is still in a phase of adjustment featuring a rapid release of supply and a slow recovery in demand. In 2025, China's import volume and value of squid and cuttlefish saw a substantial increase, while both export volume and value declined, reflecting the limited undertaking capacity of the consumer market at home and abroad.

In the short term, squid prices will fluctuate around the cost and the pace of inventory digestion. In the medium and long term, attention should be paid to the climate change risks of El Niño, as well as the progress of negotiations between South American countries and China on squid fishing quotas and profit distribution.

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