The US market is facing a shortage of king crab without Russian supplies

Published 2023년 1월 25일

Tridge summary

The article highlights the growing scarcity of Russian king crab in the US market, following sanctions against Russia which have led to a halt in imports since June 2022. Despite the ban, Russia managed to export around 20 million pounds of crab in 2022. The US market prices for king crab are dropping despite the shortage, with the situation expected to worsen once existing Russian supplies are depleted. The BRISTOL BAY fishery in Alaska is also expected to remain closed for the second year in a row, further limiting crab supplies.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

"There are no substitutes" for Russian king crab, especially large ones, Tkachenko said at the Global Seafood Market Conference (GSMC) held in La Quinta, California from Jan. 16-19. Last May, prior to the June ban, there was a sharp increase in imports of Russian king crab, and there is still some volume left for sale. “Due to the sanctions against Russia, since June, the products have not arrived. King crab will become very scarce in 2023. Then the king crab fishery in Bristol Bay will also be closed for the second year in a row,” said Janice Schreiber of Urner Barry, who was an analyst with the group. Meanwhile, U.S. market prices for king crab are falling despite no imports since last June, when a ban on Russian products went into effect, Tkachenko said. “The only reason the price is still holding is because nothing else is coming in,” he said. “It will be interesting to see what happens to pricing once Russian supplies are sold over the next few months.” In 2022, even with the ...

Source: Fishretail