[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 2nd that it will release 4,967 tons of government-stockpiled seafood over 21 days from the 3rd to the 23rd to stabilize seafood prices ahead of the Lunar New Year holiday.
The release quantities by item are 3,654 tons of Pollock, 351 tons of squid, 137 tons of hairtail, 339 tons of mackerel, 421 tons of yellow croaker, and 65 tons of dried anchovies. The Ministry plans to flexibly manage the release volume during the release period considering market conditions and supply-demand factors.
The government-stockpiled seafood will be supplied primarily to major traditional markets nationwide to promote the use of traditional markets by the public, and the remaining quantities will be supplied to large supermarkets, Suhyup Sea Mart, Nonghyup Hanaro Mart, and wholesale markets.
The government-stockpiled seafood has recommended retail prices set at approximately 10-30% lower than market prices by item. The Ministry of Oceans and Fisheries expects this to significantly reduce consumers' burden ahead of the Lunar New Year holiday.
The Ministry will also conduct on-site inspections at traditional markets and marts targeted for this government-stockpiled seafood release to ensure that the seafood is being sold at the recommended retail prices appropriately.
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