Squid Prices Stay High Yet Sales Sluggish; Chinese Processors Scale Back Purchases, Global Squid Market Enters Critical Adjustment Phase

In mid-May 2026, a pivotal shift has taken place in the global squid market. Prices of Peruvian squid remain at a high level while the fishing season for Argentine squid draws to an end. Chinese processing enterprises have significantly slowed down procurement activities, shifting from price-chasing to a wait-and-see stance. The market now features firm quotations yet sluggish transactions.

Market Status: High Prices Dampen Deals, Buyers Only Meet Basic Demand

According to data of the 20th week (May 8-14) released by Zhoushan International Agricultural Products Trade Center:

Prices of southeast Pacific squid fluctuate at high levels. Prices of sliced squid, medium-sized and small-sized whole squid edge up slightly, while those of fin squid and extra-small whole squid dip moderately.

Quotations for Peruvian sliced squid stand at 14,700-16,000 yuan per ton, and large-headed squid ranges from 21,800 to 23,000 yuan per ton, hitting the yearly high.

Online trading volume only reached 565 tons. Local processors only restock to satisfy rigid demand, with large-scale bulk purchasing fully halted.

Meanwhile, Argentine squid prices see a mild correction, with larger specifications witnessing deeper drops. Currently, 150-200g Argentine squid is priced at 35,900-37,000 yuan per ton, and 400-600g ones at 37,800-39,000 yuan per ton.

Core Reasons: Tightening Supply Expectations & Sluggish Market Demand

1. Nearly Exhausted Peruvian Squid Fishing Quotas

   As of May 14, the cumulative landing volume of Peruvian squid hit 343,200 tons, fulfilling 92.49% of the January-August fishing quota. Remaining quotas are scarce, fueling market concerns over shrinking future supply.

2. Closed Argentine Fishing Season & Fleet Route Adjustment

   The Argentine squid fishing season concluded on April 22 with its catch volume hitting a 17-year high. Offshore fishing operations have basically ceased, and most fishing vessels have headed for fishing grounds in the southeast Pacific.

3. Local Policies Bring Uncertainties to Fishery Resources

   Peru plans to issue fishing permits for around 150 additional artisanal fishing boats. However, IMARPE warned that giant squid resources are approaching the sustainable exploitation limit. Extra fishing capacity may exacerbate resource pressure and further deepen market hesitation.

4. Weak Domestic End Consumption Recovery

   Despite rising imported arrivals, the recovery of terminal consumer demand remains slow. Domestic processors are reluctant to accept high-priced raw materials and dare not stock up heavily.
   

Market Outlook: High-level Volatility & Cautious Operations

• Short term: Peruvian squid prices will fluctuate at high levels, while Argentine squid stays weak and consolidated. Quotations of squid from the Northwest Pacific and Indian Ocean remain stable.

• Medium term: Shrinking quotas, uncertain policies and concentrated fishing activities will keep supply tight. Nevertheless, the tepid recovery of end consumption will curb further price surges, forming a pattern of high prices with poor trading volume.

• Suggestions for domestic processors: Stick to rigid demand procurement, strictly control inventory, and hold off large purchases until market supply and prices become clearer.
  

Summary

The global squid market is transitioning from a price surge cycle to an adjustment cycle. Chinese buyers cutting back purchases reflects the game between sky-high raw material prices and insufficient demand, as well as the balance between tightening supply expectations and mounting cost pressures.

In the coming weeks, the consumption pace of Peruvian fishing quotas, the implementation of local fishing policies and the recovery momentum of domestic terminal consumption will determine whether squid prices will stay firm or start to decline.