Soaring cooking oil prices could have an impact on the market for the peacock eel

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Soaring cooking oil prices could have an impact on the market for the peacock eel

Cooking oil prices soared after the world's largest palm oil producer announced it would ban exports of the commodity from Thursday.

Indonesia accounts for about half of the world's palm oil supply. Palm oil is the most widely used vegetable oil in the world. Palm oil is used in cooking and in the production of thousands of consumer products, including biscuits, detergents and lipstick.

Indonesia has been hit by recent protests against the high cost of cooking oil, with retail prices rising more than 40% this year, Reuters reported.

Sri Mulyani Indrawati, Indonesia's finance minister, told Reuters on Friday that the palm oil ban would hurt other countries but was necessary to curb soaring domestic cooking oil prices.

Benchmark palm oil futures on the Bursa Malaysia stock Exchange rose as much as 7% early Monday. Shares are up more than 40% so far this year.

The price of alternative vegetable oils has also soared in response to Indonesia's impending ban on palm oil exports. The Chicago benchmark soyoil price reached its highest level since 2008, Reuters reported.

Because Ukraine is a big exporter of sunflower oil, the price of edible oils, including palm oil, has been rising. "Edible oils are generally interchangeable, so a shortage of one oil puts pressure on others," global agricultural data analytics firm Gro Intelligence wrote in an April 23 report.

Vegetable oil prices have risen faster than overall food prices, Gro Intelligence wrote in its report. In the US, a basket of common vegetable oils rose 41 per cent year on year, while food prices rose 25 per cent.

"Indonesia's export ban is likely to further fuel global food inflation," it added.

The market price of peacock eel

Eel contains a lot of nutrients, high vitamin content, can quickly restore human energy. Eel skin and fish contain a large amount of collagen, which can play a role in beauty and anti-aging. Most importantly, eels contain DHA and EPA, which are effective in preventing cardiovascular disease. Because of the high nutritional value of eels, people are paying more attention to their health benefits, which leads to greater demand for eels, and the price of eels is constantly changing.

In fact, the price of peacock eel is not only related to market demand but also related to the catch of young eels. If the catch is high and there are enough eels to supply the market, the price will not be too high. If the catch is low and there are not enough eels, the price will naturally go up. Last year's catch was good, and I wonder if eel prices will fall again this year after such a big increase. Eels pro is a professional unagi eel farming and processing manufacturers in China. Looking for the peacock eel, send an email to info@eelpro.com .

Market changes for peacock eel

When Eel Festival arrives in Japan, even families who don't normally eat eel buy some to get in the mood. Although the festival is only one day long, the demand for eels is not limited to that day, so the market started to increase the demand for eels from the previous month.

There is also a reason why there is such a high demand for eels in Japan. In the past, people bought eels only around the eel festival when stocks were high and prices were not too high. But now, people eat eel all year round; except for the peak season in July and August, the market can not stop selling peacock eel. As a result, eel stocks have plummeted, slowly becoming in short supply. In this case, the price of eels will naturally go up.

The peacock eel market scope analysis

In recent years, eel has gradually gained popularity due to its use-value and nutritional value. According to the relevant data from peacock eel, Asia is the world's largest eel consumption region, and Japan accounts for the largest proportion of consumption, with annual demand of more than 136,000 tons, accounting for about 2/3 of the world's total.

Fujian is a major producer of eels. At an eel fry farm in Fuqing city, Fujian Province, the overall economic benefits of eel farming have been steadily improving in the past two years, thanks to expanded sales channels and increased domestic demand, the farmers said. Taking exporting eels to Japan as an example, one ton of eel can be sold for about 120,000 yuan, nearly half of the profit. When eels are farmed on a large scale, natural seedlings are needed. This year's eel seedling fishing season has come to an end, affected by a variety of factors. This year's eel seedling fishing volume sharply decreased, and seedling peacock eel prices sharply increased. It is reported that the catch of eel seedlings in China this year is only about one-third of that of last year. Industry insiders said that the reduction in the number of eel seedlings would promote higher prices in the end market.

The peacock eel industry development trends under COVID-19

Due to the impact of COVID-19 and other factors, eels that had been exported to Japan in large quantities are "swimming back" to the domestic market, driving the development of Chinese eels. According to a report by China Central Television, eel exports in China have shifted to domestic consumption in the past two years, and the domestic catering market has a "special preference" for eels. Zhang Junbao, the founder of an eel restaurant in Beijing, said: "More than 95 per cent of the dishes in Heaven Food are eel, and 700 kilograms of eel are consumed in our restaurant every month."

Except for peacock eel, the docking of production and marketing of aquatic products is not smooth. Disease control measures, a lot of logistics are interrupted, catering enterprises return a single serious, aquatic products processing enterprises continued to shut down, a serious shortage of market transactions, leads to the upstream among producers and dealers at all levels of inventory backlog phenomenon is serious, fresh product inventory cost is high, direct impact on the source of farmers and dealers at all levels of income, Some small market players may be wiped out because they cannot afford to lose money during the pandemic. In terms of international trade, the epidemic has thrown the global aquatic products industry into a panic. The price of peacock eel foreign aquatic products, especially high-end seafood, has fallen off a cliff due to concerns that the epidemic will affect China's import demand for aquatic products. In terms of export, many countries have adopted entry control and are cautious about exporting aquatic products.

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Eels pro( www.chinaunagi.com ) is a professional unagi eel farming and processing manufacturers in China.The company has been supplying high quality frozen roasted eel products to Japan, United States as well as European countries and other asian countries since the year 1993.

We concentrate on aquatic product especially farmed eel in China since 1993 and have exported to more than 48 countries including but not limited to Japan, USA, EU etc. Our eel farming base and processing factories are located in Zhejiang, Jiangsu, Fujian and Guangdong province, which are also the most important area which concentrate on eel industry in China. All of this provide full advantage to keep stable price and quality for you. .Feel free to contact us any time. Looking for the peacock eel, send an email to info@eelpro.com

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