China: The price of lobster continues to rise, and the Canadian production season is coming to an end

Published Jul 19, 2024

Tridge summary

The article highlights a significant price increase in Canadian live hard-shell shrimp and lobsters, with shrimp prices rising by 25% and lobster prices showing a 'V' trend, peaking in March and dropping by May. Despite a 20-40% production increase in Canada, supply is limited due to fishing area closures in July. Exporters face tough negotiations with buyers over raised quotations. In the U.S., Maine's lobster season has started with dock prices at $5.00/lb for new shells and $5.85/lb for hard shells. Maine's production decreased by 5%, but its value increased by 18% year-on-year. North American wholesale prices for hard-shell lobsters have risen by nearly 40% since May, and consumers are showing interest in Maine hardshell products despite some resistance to price increases.

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

Original content

According to a Canadian exporter, the FOB price of 560-670g (1.23-1.48lb) live hard-shell shrimp exported to Shanghai in week 29 (July 13-19) was $10.46/lb, up 25% from week 24 ($8.34/lb). The increase in exports to the European market was similar to that of China, with an increase of 26% in the past month. This year, the price of Canadian lobster showed a ‘V’ trend. In March, the price at the Nova Scotia dock was as high as CAD 20.00/lb. With the opening of the spring fishing areas in April and May, the price fell sharply and fell to CAD 7.00/lb at the end of May. This year, Canada's production has increased significantly, with an increase of 20-40% in various fishing areas. On July 15, Lobster Fishing Area 27 (LFA27) in northern Nova Scotia, Canada, was officially closed, and another lobster fishing area in the Bay of Fundy was closed. Fundy will close on July 31, and LFA9-12 production areas in southern Newfoundland will also end at the end of July. Then, LFA25 between New ...

Source: Foodmate