Live king/snow crab market of S.Korea updates (Feb 5th, 2024)

- Last week, only 104 tons of king crab were imported from Russia to Korea. Additionally, there is a shortage in the supply of snow crab as only 88 tons of Opilio snow crab were imported from Russia.

• The Lunar New Year holidays in Korea is approaching (Feb 8th-12th), but only two Russian live crab boats are scheduled to arrive in S.Korea before holidays.
• However, prices for king crab and snow crab are expected to peak this week, reflecting an anticipated decrease in demand in Korea after the Lunar New Year holiday & economic slowdown.
• At Seoul's Noryangjin Market, Korea's largest retail market, Blue king crab is currently traded at an average price of KRW 93,000 per kg (US$ 70.5), Red king crab at KRW 95,000 (US$ 72.0), and opilio snow crab (1.2kg-1.5kg) at KRW 70,000 (US$ 53.0) as of February 5, 2024. Many king crab and crab restaurants in Korea are unable to serve crab due to shortages.