Prices for skipjack tuna in the canning hub of Bangkok, Thailand, are continuing to firm, with deals done for delivery in October at around $2,300-$2,350 per-metric-ton.

This is significantly up from delivery in September at around $2,100-$2,150/t and $1,970-2,050/t in August.

Current October deliveries to major canners are at $2,300/t and "others to medium-sized plants at $2,320", . some smaller plants are probably paying around $2,350/t.

A source with a large fishing company said that skipjack is currently traded at $2,300-2,320/t. "This should be the high," he noted.

"Our sales were at $2,320 for October delivery," a third source with a large trader said.

A fourth source with another large fishing firm agreed that the price in Bangkok was currently at $2,320/t. 

Prices rose despite some firms ending the ban for fishing aggregating devices (FADs) in the West-Central Pacific Ocean (WCPO), another source noted. However, the ban on catching on FADs in the WCPO will end officially on Nov. 1, having started on July 1.  

As a result of the ongoing ban, supply remains relatively low in Bangkok, which supports prices. At the end of the ban, higher volumes could reach the Thai capital, which could cause the first decline in prices in several months. The price trend will depend on demand, which might also increase as higher catches come in when the ban ends.

In recent months, a majority of Thai companies have decreased their canned tuna production, prioritising deliveries, as high tuna prices squeezed their margins. 

Indian Ocean

Meanwhile, catches in the Indian Ocean were "good", in the Atlantic "not very good" and in the Eastern Pacific "not extraordinary", other sources pointed out.

Tuna prices were rising in all markets, multiple European sources noted.

The closure of yellowfin catches planned on Nov. 5 for the Spanish fleet in the Indian Ocean might further support prices, depending on global supply, one source with a Spanish firm noted.

Prices of tuna in the Indian Ocean have risen to €2,650/t ($3,136/t) for yellowfin and €1,950/t for skipjack, while in Abidjan, Ivory Coast, prices rose to €2,550-2,575/t for yellowfin and €1,850/t for skipjack, according to a source with another Spanish firm.

Another source pointed out that Spain, which had always been a reference market for raw material, was awaiting until January to have access to the [zero import duty] contingent for tuna loins, which was "making prices not rise so strong" at the moment. He also said that large canneries in the country were "taking advantage of their purchasing power", buying from Asia and Ecuador with zero import tax.

That source added that, however, from Ecuador there was "nothing coming as skipjack prices are at $2,400/t and going up". He noted that prices in Spain had reached €1,950-2,000/t for skipjack and €2,700-2,800/t for large yellowfin, "depending on the destination". He said that raw material supply, particularly from Asia, had increased