Panga price is striking back now. Panga is always a hot sale product as low-cost daily consumption seafood. Before July, Panga’s price plummeted over 19.8%. This affected the whole market of the Panga industry. Ocean Treasure will make a short analysis of the Panga market.
Due to the pandemic, Vietnamese Panga exports’ value reduced by almost 30% percent compared to the last year 2019. The panga exporters had a positive attitude towards this pandemic situation early this year, but a long last 7-month price falling affected the whole industry. The farmers lost so great, and many farmers quit seeding panga. After the end of July, there came a slight increase because the Christmas purchase period started and the reopening of some countries.
After most of the countries reopen from the pandemic, the purchase volume is coming back. After a long time of low-price level raw material, that caused farmers losses, the market started adjusting. With less farming raw material due to the last half year’s reduction of farming, the raw material is short, especially the big size.
The two biggest markets China and the USA, recover their purchase volume. The retails selling season also shows a recovery signal. With all these demands, the price of Panga is striking back. The price has increased by 24.7% from July till early October. (July to August-3.5%, August to September-8.5%, and early of October 10.4%) During the first week of October, a huge 10.4% price increase arrived in the Panga market. The price now is at the same level as in January 2020 and will still increase. There is one more we need to pay attention to; the freight also increases according to the market demand.
These days, many factories already paused to send a quotation because of the raw material price’s instability. Still, the farmers are bidding up prices every day. You can see how hot the panga market is.
Market in the future
Since the Christmas purchase period will be stabilized at the end of October, it could release a bit of pressure for panga supplying. But Chinese New Year is on the way, so the upward price trend for panga will definitely last until the end of this year. The panga demand from China is absolutely strong in the coming few months. Seeing the price striking back, the farmers will start to farm again. After February, the price will be stable with a gradually slightly up-trend with the growing supply and stabilized demand.
Ocean Treasure, your reliable seafood supplier in Asia. If you have any questions, feel free to contact us.