[Report] King Crab Prices Plunge 30%... But Customer Numbers Drop 90%, Deepening Worries at Noryangjin Fish Market

Fear of Novel Coronavirus Halts Visits to Seafood Market Gatherings
Merchants "Seafood Prices Plummeted but... Sales Hit Rock Bottom"
Restaurants "Customers Down 90%... Immediate Worries Over Rent, Etc."

As new coronavirus infections are spreading, the Noryangjin Seafood Wholesale Market located on Nodeul-ro, Dongjak-gu, Seoul, appears quiet around 5 p.m. on the 5th. Photo by Choi Sunghye

[Asia Economy Reporter Choi Sunghye] Despite the sharp drop in prices of winter delicacies such as King Crab and Snow Crab, as well as seasonal sashimi, the fear of the novel coronavirus infection (Wuhan pneumonia) has not been overcome.

At around 5 p.m. on the 5th, Park Ji-eun (alias, 55), a self-employed person met at A Shop on the first floor of Noryangjin Fishery Wholesale Market located on Nodeul-ro, Dongjak-gu, Seoul, said, "King Crab prices fell sharply from 60,000 to 65,000 won per kilogram last week to 50,000 to 55,000 won this week, dropping by about 10,000 won, so I expected customers, but there are no customers coming to the market itself," showing a distressed expression. Since the Huanan Seafood Market in China, the origin of the novel coronavirus, was closed, King Crab, which had its distribution channels blocked, is coming into Korea cheaply, but customers have completely stopped coming.

Park Min-seok (alias, 60), who sells fish at nearby B Shop, lamented, "After the novel coronavirus issue, not only imported seafood but also domestically caught seafood prices have fallen due to reduced demand, but they are simply not selling." According to the Noryangjin Fisheries Cooperative, due to the decrease in catch volume caused by the spread of the coronavirus, the weekly landing volume from the 27th of last month to the 1st of this month was recorded at 693 tons, down 333 tons compared to the previous week, and prices of red sea bream, squid, mackerel, and others fell by up to 30% compared to the previous week.

The sashimi restaurants on the 2nd and 5th floors were also empty. Even people passing through the corridors were rare. Kim Eun-joo (alias, 52), the owner of C Restaurant, said, "It's 5 p.m., and I just welcomed the first customer," adding, "Customers have decreased by more than 90% for two consecutive weeks." Kim said, "In terms of sales, it has decreased by 70 to 80%, so I am worried about this month's rent and labor costs immediately," and revealed, "The neighboring 60-pyeong (approx. 198 sqm) store had only three groups of customers all day yesterday, and everyone is trembling with anxiety not knowing how long this situation will last."

Around 5 PM on the 5th, most of the restaurants located on the 2nd floor of Noryangjin Fish Market were seen completely empty. Photo by Choi Sunghye

Joo Young-sook (alias, 41), an employee at D Restaurant, said, "People seem to be more concerned about infection than ever before," but added, "However, if the government does not prepare measures for small business owners, many merchants will have to close their doors immediately."

The Noryangjin Fisheries Cooperative Corporation is preparing and implementing countermeasures related to the novel coronavirus to ease consumer anxiety. To remove virus carriers deposited in the air or on surfaces, eco-friendly disinfectants are being sprayed throughout the market, and Mediaqua (a food additive) is being sprayed inside and around the stores for disinfection as part of quarantine efforts. Disinfection of facilities within the market has also been strengthened by placing hand sanitizers at major pathways such as elevators and escalators.

As the novel coronavirus infections continue to spread, Noryangjin Fisheries Wholesale Market located on Nodeul-ro, Dongjak-gu, Seoul, appeared quiet around 5 p.m. on the 5th. Photo by Choi Sunghye

The seafood industry expects seafood prices to fall further next week. However, as the number of confirmed cases is rapidly increasing domestically, consumer sentiment is expected to shrink to levels seen during the Middle East Respiratory Syndrome (MERS) outbreak. According to the Korea Foodservice Industry Research Institute, comparing sales in May 2015 before the MERS outbreak and sales in June after the outbreak, 84.3% of dining establishments experienced a decrease in sales over one month. The sales decline rate reached 34.3%.

This content was produced with the assistance of AI translation services.