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Svein Ruud, general manager of Norwegian crab exporter Troika Seafood, told UCN: "The snow crab market is facing a serious impact, with prices falling by more than 50% from their peaks and currently priced at NOK 60-70/kg ($5.
59-6.
52/kg); King crabs fell from the highest NOK 525-550/kg to NOK 425/kg
.
”
At the beginning of this year, the price of Norwegian king crab (2.
2-3.
2 kg live male crab) rose from NOK 238/kg in the same period last year to a peak NOK 498/kg, and the highest price occurred around
the Chinese New Year.
2-3.
2 kg live male crab) rose from NOK 238/kg in the same period last year to a peak NOK 498/kg, and the highest price occurred around
the Chinese New Year.
Ruud said that as the global economic environment changes, the price of king crab has begun to decline
.
In Europe, high energy prices are a drag on normal economic activity, leading to a decline
in demand.
Another problem is the import ban on Russian king and snow crabs imposed by the United States and Europe, and before the US ban, large quantities of Russian frozen king crabs were shipped to the United States in advance to fill the inventory, most of which may have been sold out and only a small amount
of inventory remained.
.
In Europe, high energy prices are a drag on normal economic activity, leading to a decline
in demand.
Another problem is the import ban on Russian king and snow crabs imposed by the United States and Europe, and before the US ban, large quantities of Russian frozen king crabs were shipped to the United States in advance to fill the inventory, most of which may have been sold out and only a small amount
of inventory remained.
In addition, the Chinese market is still largely affected by the new crown-related quarantine policies, and the transportation of goods faces various obstacles
.
Ruud admits: "Exporting to China is too risky, and when our live crabs are shipped, they are basically dead
.
" ”
.
Ruud admits: "Exporting to China is too risky, and when our live crabs are shipped, they are basically dead
.
" ”
"The transportation process increases the crab's stress, and the longer the transportation time, the greater the risk of death
.
The situation in northern Norway is even worse, where the crabs must be transported overland to Helsinki, which takes 18-20 hours, plus 10-14 hours by air, and the crabs have become very weak
.
Ruud said that if the sales performance of the Spring Festival is weak, it may further exacerbate the downturn
in the market.
.
The situation in northern Norway is even worse, where the crabs must be transported overland to Helsinki, which takes 18-20 hours, plus 10-14 hours by air, and the crabs have become very weak
.
Ruud said that if the sales performance of the Spring Festival is weak, it may further exacerbate the downturn
in the market.
At this stage, the Norwegian king crab industry is more pinned on the US market
.
Ruud said U.
S.
demand is strong, and West and East Coast importers have been placing orders, "I just came back from a business trip to the U.
S.
, which is currently the largest buyer of
Norwegian king crab.
" ”
.
Ruud said U.
S.
demand is strong, and West and East Coast importers have been placing orders, "I just came back from a business trip to the U.
S.
, which is currently the largest buyer of
Norwegian king crab.
" ”
According to the Norwegian Seafood Agency, Norway exported 245 tons of king crab to the United States in the first eight months of this year, exceeding the trade volume of last year (211 tons); Exports amounted to US$15.
2 million, compared to US$
10.
8 million for the whole of last year.
2 million, compared to US$
10.
8 million for the whole of last year.
Ruud said that Russia is the world's largest exporter of king crab, and if Russia imports large quantities of king crab into Asia, such as China and South Korea, the market pressure will be even greater
.
.
"The market is full of uncertainty
at the moment.
Earlier, many people bought NOK 505-550 as frozen inventory, but now the price is NOK 400-425, which means that the previous inventory will be difficult to sell
.
Ruud said
.
at the moment.
Earlier, many people bought NOK 505-550 as frozen inventory, but now the price is NOK 400-425, which means that the previous inventory will be difficult to sell
.
Ruud said
.
"We hope Norway will increase its quota to ensure supply
.
The industry expects the snow crab quota to be just over 7,500 tons, with the king crab quota stabilizing at 1,800 tons
.
"According to statistics, the number of live king crab auctions in Norway in 2021 was 1,634 tons, and as of week 41 this year, the number of Norwegian king crabs was about 1,447 tons, basically the same
as last year.
.
The industry expects the snow crab quota to be just over 7,500 tons, with the king crab quota stabilizing at 1,800 tons
.
"According to statistics, the number of live king crab auctions in Norway in 2021 was 1,634 tons, and as of week 41 this year, the number of Norwegian king crabs was about 1,447 tons, basically the same
as last year.
