Week 42: Atlantic Cod Prices Diverge – Russia Dips Slightly, Norway Holds Steady; Tokyo Meeting to Decide Barents Sea Quotas

In Week 42 of 2025 (Oct 13-19), prices of Atlantic cod and haddock showed divergent trends. The upcoming Groundfish Forum Annual Meeting in Tokyo is key to breaking the Norway-Russia fishing deadlock and confirming 2026 Barents Sea cod quotas.

Atlantic Cod: Norway Stays High, Russia Dips Slightly

• Norway’s 1-2.5kg head-and-gutted (H&G) Atlantic cod maintained a CIF price of USD 9,875/ton, unchanged from the previous week, continuing the high-level fluctuation since hitting record highs in August-September.

• Russia’s 1-2kg cod quoted at USD 8,550/ton, down by USD 50/ton week-on-week. The price gap with Norwegian cod (about USD 1,325/ton) still appeals to price-sensitive buyers.

• Atlantic cod prices have risen steadily in 2025, squeezing processors’ profits. Russia’s slight price drop may provide short-term cost relief for some enterprises.

Haddock: Norway Stops Rising & Stabilizes, Russia Continues Gains

• After rising for a month, Norway’s haddock stabilized at USD 7,150/ton, with temporary supply-demand balance. Buyers entered a wait-and-see digestion period.

• Russia’s haddock continued to rise to USD 6,250/ton, widening the price gap with Norwegian haddock to USD 900/ton. This may push cost-sensitive enterprises to increase purchases of Russian supplies.

Tokyo Meeting in Focus: Break Norway-Russia Deadlock, Shape Quota Trends

• The upcoming Groundfish Forum Annual Meeting (Tokyo) will facilitate face-to-face communication between Norwegian and Russian fishing representatives.

• Previously, Norway sanctioned two Russian fishing enterprises, hindering bilateral cooperation. 2026 Barents Sea cod quotas remain unconfirmed so far.

• Whether quotas are clarified will directly affect future supply expectations and prices. If the meeting breaks the deadlock, it may ease supply concerns; otherwise, the high-price cycle may be extended.