Undercurrent has launched weekly wholesale price assessments for Argentine red shrimp (Pleoticus muelleri) in China, one of the world’s largest markets for the species. 

The new series covers sea-frozen (frozen-on-board) head-on, shell-on (HOSO) product in the two main commercial size grades — L1 (10-20 pcs/kg) and L2 (20-30 pcs/kg) — in 1.4-1.8kg retail boxes. Prices are quoted in Chinese yuan (CNY) per kilogram and represent spot transactions between Chinese wholesalers/importers and downstream buyers in the retail and foodservice channels.

In line with Undercurrent‘s other wholesale series, the assessments are published as price ranges rather than single prices, reflecting variation by company size, brand positioning and freezing method. The launch follows a feedback period that closed on May 15.

China is — alongside Spain — one of the two most important export destinations for Argentine red shrimp. Last year, China imported 19,170 metric tons of the species worth $156.3 million, according to data on Undercurrent‘s trade portal.

The trade has grown sharply over the past decade, from just 2,124t worth $11.6m in 2012 to a 2018 peak of 37,451t worth $284.9m.

Two years of data

Historical data for the new series extends to late March 2024, giving roughly two years of weekly observations across the two grades.

Both grades hit all-time highs at the wholesale level in late 2025 and early 2026 after a multi-year climb. Year-on-year, L1 wholesale prices are up around 27%, while L2 prices are up close to 44%, meaning the smaller grade has appreciated noticeably faster than the larger grade over the past 12 months.

That outperformance has compressed what is normally a meaningful L1 size premium. Over the full history of the series, L1 has traded an average of roughly 12% above L2 at the wholesale level. In recent weeks, that premium has narrowed to less than 1%, with Chinese wholesale buyers of the smaller grade effectively paying close to L1 levels.

Both grades have been quiet on a week-on-week basis heading into launch, with quoted ranges unchanged for several consecutive weeks. That is consistent with thin trading activity ahead of new-season volumes from the 2026 fishery flowing through to wholesale channels.

Sector backdrop

The launch lands at a notable moment for the fishery.

In February, Argentina’s offshore red shrimp fishery achieved Marine Stewardship Council (MSC) certification after a decade-long improvement process, following certification of the inshore fishery in March 2025. The MSC label is expected to support penetration in European and North American premium segments.

The 2026 season opened on April 15. Argentina’s largest red shrimp exporter, Continental Armadores de Pesca (Conarpesa), is expanding its processing footprint with a newly leased plant in Rawson, Chubut, and plans to increase its workforce to more than 2,200. Several new freezer vessels have also entered the fleet.

Expanded coverage

The China wholesale assessments extend Undercurrent‘s Argentine red shrimp price coverage along the supply chain:

Ex-works Spain — monthly assessments for L1 through L4 (four datasets)
US wholesale — weekly assessments covering head-on, easy peel and peeled formats (15 datasets)
Wholesale Italy — weekly prices for L1 and C1 fresh product (two datasets)
Wholesale China (new) — weekly assessments for sea-frozen HOSO L1 and L2 (two datasets)

Methodology and feedback

Pricing is based on spot transactions reported by market participants in China, in CNY per kilogram, with each weekly print expressed as a range. Premium subscribers can view current and historical price levels in the embedded chart above and on Undercurrent‘s data portal.

Methodology questions and feedback can be sent to [email protected].

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