tuna one use

Increased restrictions on tuna fishing could push up prices, which have already risen significantly year on year.

The price of yellowfin has risen by 33% over the past six months [Mintec] following a rise in skipjack prices, falling global catches and rising demand from Australia and the EU.

The price of skipjack rose at the beginning of the year due to a payment dispute between the PNA (Parties to the Nauru Agreement) and the US, which prevented US tuna vessels fishing. As skipjack prices have increased, so has demand for yellowfin, typically used as a substitute when skipjack is not available. Between January and May, this contributed to a 71% increase in yellowfin prices.

More controls to protect sustainability could also push prices higher as tuna supply falls. The Indian Ocean Tuna Commission has adopted harvest control measures, which will begin in 2017. These include reduced FAD usage and the banning of drones and aircraft to scout for tuna schools.

The Inter-American Tropical Tuna Commission met on 1 July but was unable to decide whether to place an 82-day ban on bigeye and yellowfin fishing. The increased closure time was planned to help sustainability following catches falling 11% year on year in H1 2016.

The committee will meet again in October to decide on the best conservation methods for both bigeye and yellowfin tuna in the Eastern Pacific.

“The new control measures will further limit the current low catches, helping wild tuna stocks recover,” says Mintec analyst Emma-Jayne Smith.

“This is likely to drive prices higher over the next six months, along with falling catches for alternative tuna species and rising exports to emerging markets.” Price increases could also be supported by higher demand for canned yellowfin products in the EU and Australia.