Live king/ snow crab market updates (As of Feb 15th, 2024)

- Due to ongoing supply shortages, live king crab and live snow crab prices remain high in Korea's Noryangjin retail market this week.

- With no Russian live king crab boats scheduled to arrive until this coming Friday, exacerbated by the holidays until February 12th, there is a significant shortage in S.Korea.

- Median prices as of February 15th in Seoul's Noryangjin retail fish market are as follows:
Live blue king crabs weighing 2.2-3.0kg at KRW 100000 (=US$ 75.8), live red king crabs at KRW 100000 (=US$ 75.8), live opilio snow crabs weighing 1.2-1.5kg at KRW 65000 (=US$ 49 3), and live brown king crabs at KRW 85000 (=US$ 64.0).

- It is expected that prices for king crab will drop towards the end of the week with the arrival of Russian live crab boats.

- Consumption of live king crab and live snow crab in the Korean market averages around 25-30 tons per day, but recent economic slowdowns have kept consumption generally low.

- Therefore, once approximately 100 tons of king crab clears customs in a few days, a price drop is inevitable for at least a few days. Drifting ice is increasing along the main shipping routes of Russian king crab boats, posing a significant obstacle to supply.