May 16 Price: 57,200 KRW per kg
Online Sale Price: 39,900 KRW
Impact of Russia War and China Economic Slowdown
As the "half-price King Crab" continues to cause open runs day after day, it has recently been revealed that the price of imported snow crab has also plummeted to around 50,000 KRW per kg. This is due to an increase in the volume of snow crab entering South Korea after the Russia-Ukraine war, as the US and Europe banned imports of Russian seafood, coupled with a decrease in snow crab consumption in China amid the recent economic downturn.
According to the seafood distribution platform Mermaid Pirate Crew on the 16th, the average price of Russian snow crab (wild-caught, grade A, medium-large size, meat yield over 80%) on the 13th was 57,200 KRW per kg, which is a 23.7% drop compared to the peak on September 29 two months ago (75,000 KRW). Considering that prices of crustaceans like snow crab usually rise significantly between November and December due to frequent year-end gatherings, this year’s prices are clearly cheaper than usual. In particular, the online exclusive selling price dropped to 39,900 KRW per kg, nearly half of the September peak price.
The background for the decline in crustacean prices, including snow crab following King Crab, is attributed to the "increase in supply" caused by the Russia-Ukraine war. Major consumer countries such as the US and Europe banned imports of Russian seafood after the war, leading to a significant increase in export shares to Asian countries like South Korea and China. Additionally, the ongoing economic downturn in China, known as a major global consumer of snow crab, has greatly contributed to a decrease in consumption in the Asian region compared to allocated quotas.
Pedestrians are examining snow crabs at Noryangjin Fish Market in Dongjak-gu, Seoul. [Photo by Yonhap News]
An industry insider said, "Looking at the trend over the past five years, snow crab prices have invariably risen from mid-November when year-end gatherings start to increase, but this year, even considering the seasonal characteristics, prices are clearly cheaper than usual." He added, "Especially the snow crab currently distributed is Magadan snow crab, which is highly rated for its meat yield and taste. It has quality comparable to King Crab but is relatively less spotlighted, allowing consumers to enjoy it at a reasonable price."
However, experts say it is uncertain whether the price decline will continue. Seafood prices are determined daily through auctions at production and consumption wholesale markets, and prices typically fluctuate depending on import volumes at different times. Crustaceans like snow crab are known to have larger price volatility compared to other seafood.
Professor Eunhee Lee of Inha University’s Department of Consumer Studies said, "As long as the Russia-Ukraine war continues, snow crab prices will likely remain on a downward trend for the time being, but prices can fluctuate due to various factors such as changes in catch volume and import quantities."
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