Unexpected Outcome Brought by Changes in International Affairs... 'Reo King Crab' Half Price

Russian Red King Crab Prices Down 45% from Last Month
International Situation Butterfly Effect...Price Drops Amid Surge in Supply
Emart "Carefully Selected 'Golden Size' with Plump Meat"

Emart announced on the 19th that it will offer Russian Red King Crab at 5,980 KRW per 100g on the 20th and 21st. Compared to the average Emart King Crab selling price in September of 10,980 KRW per 100g, this is about 45% cheaper.

King Crab [Photo by Emart].

Emart secured a total of 4 tons of King Crab for this event. The item for this event is the 'Red King Crab,' which is considered the most delicious among crabs, and among them, products weighing 1.5kg or more, known as the golden size due to their firm meat, were selected. From arrival to mooring and sales, all logistics use live (活) handling to deliver and sell the freshest product directly from the production area.

The reason Emart can offer the premium crustacean King Crab at a low price is that a large quantity of Russian Red King Crab has entered Korea. Due to the nature of King Crab being distributed alive, rapid inventory turnover is necessary, causing prices to drop significantly. The wholesale price of Red King Crab per 1kg at major seafood markets fell from around 110,000 KRW in early September to about 60,000 to 70,000 KRW currently.

Considering the current market price of Russian Snow Crab at 50,000 to 60,000 KRW per 1kg, the price decline of King Crab can be gauged. Generally, the selling price of King Crab was about twice that of Snow Crab, showing a large price gap, but due to the King Crab price drop, the prices of these two crustaceans have become similar.

The Russia-Ukraine war, which reduced exports of Russian seafood to Europe and the United States, also influenced the price decline. Additionally, due to the economic downturn in China, the popularity of King Crab during the largest Chinese holiday, the Mid-Autumn Festival, decreased, resulting in a significant volume that would have gone to China entering Korea instead. It is expected that the lower price trend will continue until the end of this year. This is because Russia's King Crab production is predicted to increase this year.

Lee Su-jeong, Emart's crustacean buyer, said, "Due to international political issues, a large volume of Russian Red King Crab has entered the domestic market, making prices cheaper," and added, "Emart responded quickly to hold this discount event."