Financial Daily from THE HINDU group of publications
Wednesday, Nov 20, 2002
Financial Daily from THE HINDU group of publications Wednesday, Nov 20, 2002 |
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Agri-Biz & Commodities
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Aquaculture Shrimp softens as buyers go slow Our Bureau
CHENNAI, Nov. 19 SHRIMP prices have softened after new purchases for the year-end sales by the Japanese importers. The importers are now waiting for prices to drop further, according to market sources. Black tiger shrimp prices are ruling around $12.80 per kg 16-20 counts and only the larger counts like the 16-20 and 21-26 are in demand. However, material is not available in these sizes. The Vietnam and Thailand buyers are picking up the smaller grades at discounted prices. While Japan expects prices to drop, the US, which had stayed away while Japanese buyers were picking up stocks, is back in the market. The US buyers are offering about $5.70 per pound for 16-20 counts. Here again there are size restrictions with offers only for the larger grades. The preference was also for value-added packs, sources said. With the second season arrivals of shrimp likely to be indifferent, there is no pressure to sell for the present. However, the arrivals are likely to pick up in a week and despite the low arrivals anticipated, the packers are bound to come under some pressure to sell. This could help to soften the market. The Japanese are likely to pick up some stocks then to replenish their inventories after the post-year end sales. Therefore, the activity in the market is sluggish and sales to the EU are yet to pick up after the recent spate over antibiotic residues in shrimp exported from India. Raw material prices are ruling around Rs 390 per kg for 30 counts on head-on basis. Arrivals of smaller counts picked up during the recent rains with farmers concerned about the weather conditions. However, with the sun out now the farmers were holding off harvests and some larger sizes might be expected in the coming weeks, sources said.
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