Squid Market Volatility & Adjustment: Price Gaps Widening by Sea Area & Size, Supply-Demand Tug-of-War Intensifies

In mid-May 2026, China's offshore squid market entered a phase of volatile adjustment. Prices varied sharply across different sea areas and product sizes, with the gaps continuing to widen. Based on the latest import figures and market conditions in producing regions, the sector is marked by declining imports, tightening supply, sluggish demand and widespread wait-and-see sentiment. Details are as follows.

1. Overall Market: Year-on-Year Import Decline, Stalemate Between Supply and Demand

During the 21st week of 2026 (May 15 – May 21), price divergence became more prominent in China’s squid market.

Key import data shows that China’s total squid imports reached 196,900 tons in the first four months of 2026, with a total import value of 539.6 million US dollars, both falling year on year. Imports saw a temporary surge in March before dropping back in April, reflecting obvious fluctuations in import volume.

The market is currently locked in a supply-demand deadlock. On the supply side, catchable squid resources in the Southeast Pacific are shrinking, and the fishing season in the Southwest Atlantic has come to an end, leading to a gradual supply crunch. On the demand side, domestic inventories remain high and end-consumption is weak, resulting in sluggish trading. Most market players hold a wait-and-see attitude, which has further widened price differences for squid from various sea areas and of different sizes.

2. Market Performance by Sea Area: Mixed Price Movements with Distinct Characteristics

2.1 Southeast Pacific Squid: Whole Squid Prices Edge Up, Peru’s Fishing Quota Finalized

Overall prices of Southeast Pacific squid stayed steady this week, while whole squid recorded mild gains. The price of extra-small whole squid rose by 275 yuan per ton week-on-week, and small whole squid increased by 150 yuan per ton. Prices for other sizes remained largely unchanged.

Peru has officially set its annual squid fishing quota at 479,000 tons for 2026, and fishing operations are ongoing. Fishing results varied across waters: poor catches in the northern area, moderate yields in the central area and relatively good outputs in the southern area. The landing price of squid dipped slightly compared with the previous week. Output in the high seas remained stable, with an average daily catch of 1 to 3 tons per vessel. Since December 2025, the cumulative average catch per vessel has stood at around 600 tons.

2.2 Southwest Atlantic Squid: Obvious Size-Based Price Split, Large-Size Products Lead Gains

Prices of Southwest Atlantic (offline) squid showed clear divergence: medium and small sizes declined, while medium and large sizes went up. Prices for small and medium-small squid dropped by 250 to 500 yuan per ton. Quotes for medium and large sizes generally climbed, among which the 300–400g size jumped by 650 yuan per ton within a single week.

Argentina’s squid fishing season has officially concluded. Local fishery authorities plan to add more squid jigging vessels to enhance international competitiveness. During this fishing season, the cumulative average catch per vessel in the Southwest Atlantic high seas was about 150 to 200 tons, representing an overall limited output.

2.3 Northwest Pacific Squid: Stable Prices with No Fluctuations

The Northwest Pacific squid market maintained stability this week. Quotes for all product sizes were flat week on week with no price changes, making it the most stable producing region among the four major sea areas.

2.4 Indian Ocean Squid: Both Large and Small Sizes Register Gains

The Indian Ocean squid market trended moderately higher. Prices of both small and large-sized squid rose simultaneously by 100 to 350 yuan per ton. It is one of the few regions seeing across-the-board price increases this week.

3. Market Outlook: Divergence to Continue, Wait-and-See Mode Prevails

In the short term, the divergent pattern of the squid market will persist, and no sustained rally or slump is expected. On the supply side, tightening resources in the Southeast Pacific and the end of the Southwest Atlantic fishing season mean limited new supply in the near future. On the demand side, high inventories combined with weak end-consumption will cap upward price momentum.

Notably, size premium has become increasingly evident. Large-sized and high-quality squid keep seeing expanding price gaps and demonstrate stronger resistance to price drops. Market participants will mostly stay on the sidelines for the time being. Going forward, close attention should be paid to the pace of domestic inventory digestion, fishing updates of new fishing seasons and signs of recovery in end-consumption.