Prices for raw pangasius and fingerlings drop in March 2024

The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.

Due to increasing demand for the Lunar New Year, the ex-farm’s pangasius price went up in January 2024. After the extended holiday season in February 2024, concerns about a supply shortfall led to an increase in the cost of fish and pangasius fingerlings at the farm.

Prices at the farm for pangasius of 800-1,200gr small size climbed by 4% in January 2024, while prices for sizes of 1,200g and larger increased by 7%.

In response to an increase in the cost of raw fish at the farm following the Lunar New Year vacation, which raised demand for fingerlings, the price of pangasius fingerlings continued to rise by 2% in February 2024. By the end of February 2024, there was still a shortage of pangasius fingerlings due to a high stocking loss rate.

In March 2024, there were positive signs in the exports of  pangasius to various markets. Both export prices and export volumes increased slightly compared to the previous two months. However, the supply of raw pangasius is currently low, due to the prolonged low prices and the slow recovery of export turnover. Many farmers are hesitant to expand their pangasius farming area.

In addition, there are fewer fingerlings available due to illnesses and unfavorable weather. Depending on the amount of the crop, these factors have led the price of pangasius at the farm to drop by 5.5% – 9.3%.

In the Chinese market, pangasius size bigger than 1 kg, 1.2 kg, and more are frequently more in demand. The price of pangasius in these sizes fell to below 30,000 VND/kg in week 8 of 2024 (February 19–25, 2024), the lowest since early 2023.

The export price of pangasius, however, returned to its January 2024 level in March 2024 following a decline in the price of fingerlings. Pangasius of size 800g–1kg are frequently processed and sold to the US and EU as frozen fillets. Larger pangasius are typically preferred by US consumers among them; the export price is 28,695 VND/kg, the same as it was at the start of the year. In addition, compared to the same time last year, the price of pangasius weighing 800g to 1kg dropped by almost 2,000 VND/kg.

As Vietnam observed the Lunar New Year holiday in February 2024, the harvest yield of pangasius fell by 43% to 72,000 tons from January 2024. For pangasius harvesting, January is also a good month. The price of pangasius fingerlings fell to 37,780 VND/kg for the size of 30-pcs/kg in week 8 of 2024 (February 19–25, 2024), which was the highest price since 2023.

However, in March 2024, the price dropped by 27% to 27,585 VND/kg, which is the same as it was at the end of 2023. The primary cause is the decline in the selling price of raw fish, which has caused companies and farmers to have less demand for fingerlings. The majority of other input expenses have increased significantly since last year, and the farm’s March 2024 price drop also resulted in lower profits.

According to data from General Department of Vietnam customs, in the first half of March 2024, Vietnam’s pangasius exports reached a value of 74 million USD, down 18% compared to the same period. The accumulated pangasius exports value by March 15, 2024 slightly decreased by 0.05% to reach over 329 million USD.

Pangasius prices are expected to recover this year due to stronger demand from China, the EU and some other major markets. However, the costs related to input materials are always a big problem for fish farmers.

(Source: https://seafood.vasep.com.vn/)