Tuna traders in Bangkok face a likely price relapse below the US$400/t mark before long. While some business has been done during the last couple of weeks at $380/t, the current rate is hovering between $410 and $420. The only thing standing between Bangkok and a total price collapse is the fact that there is a month long waiting list for incoming fishing vessels before they can land their catches. For modern freezer vessels, the time is not critical: what is more pressing is the lack of suitable storage space of any description. Stocks of premium yellowfin tuna, destined for the Japanese market, are blocked by overflow storage of skipjack. "There are about seven reefers in Bangkok harbour with boxes of yellowfin aboard which we can't reach for the piles of skipjack stacked on top of them," reported one trader. Ironically, the market for yellowfin is tight and some of this is fish that is both sold and overdue for delivery. But until fishing fleets can afford to stop fishing, the month long queue of reefers is likely to lengthen until there is not an empty vessel in South East Asia. While no one expected dockside raw material prices to drop below $400/t, this psychological barrier has been broken under the current arrivals. This is not a glut of fish, this is a market in which demand has ebbed. {{PROVISIONS }}

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