'King Crab for 300,000 Won' Bombshell Hits Fish Market

Price Surge Due to 'Russia Situation'
30% Increase from Late 100,000 KRW Range
Salmon Also Soars, Not Recommended for Regulars
Disappearing from Restaurant Menus

On the 14th, merchants at Noryangjin Fisheries Wholesale Market unanimously said that the number of customers decreased as prices rose for Russian king crabs and other products due to the situation in Russia.
Photo by Oh Gyumin moh011@

[Asia Economy Reporter Oh Gyumin] "A single king crab costs over 300,000 won, so customers hear the price and run away." On the afternoon of the 14th, Mr. A (54), who sells king crabs at Noryangjin Fisheries Wholesale Market in Dongjak-gu, Seoul, sighed as he said this. He added, "Since there is a shortage of supply, we have no choice but to sell at high prices."

Russia's invasion of Ukraine is also impacting the seafood industry. With international sanctions against Russia and Russia designating certain countries as unfriendly, air routes have been blocked, causing a sharp price increase for king crabs and salmon, which heavily depend on Russian imports due to supply shortages. Consequently, restaurants have also reached a point where they cannot sell related menu items.

Noryangjin Fisheries Wholesale Market has been hit hard as well. The market street was quiet, with more merchants sitting on small chairs beside their shops than customers. Most merchants looked gloomy, either looking at their phones or lightly trying to attract the few passing customers. When asked about the prices of king crabs and snow crabs, they all shook their heads and said, "The prices have become so high that no one buys them." On that day, king crabs were traded at up to 130,000 won per kilogram in the market. Buying one king crab would cost over 300,000 won depending on its weight. Compared to before the Russia crisis, when the price was in the high 100,000 won range per kilogram, prices have risen by about 30%.

The market tanks were full of king crabs and snow crabs. Instead of Russian products, which previously accounted for 90% before the war, Norwegian king crabs filled the tanks. Mr. A said, "Norwegian king crabs are of lower quality compared to Russian ones, but we are reluctantly using king crabs from Norway." Mr. B (63), who sells snow crabs, said, "The import volume of snow crabs decreased but has started to come in little by little, but the price is 70,000 won per kilogram, which is expensive. Maybe because of that, customers hesitate to buy."

Not only Russian king crabs and snow crabs but also Norwegian salmon are facing supply disruptions, causing restaurants to stop selling related menu items.
Photo by Oh Gyumin moh011@

The situation is similar in the salmon sales market. Mr. Kim (54), who sells salmon, said, "I tell regular customers not to buy salmon." He plans to raise the price from 20,000 to 35,000 won per piece (about 500g) and lamented, "I thought about raising it to 30,000 won, but if so, the profit per fish would be only about 5,000 won if the margin is low." A representative from Noryangjin Fisheries Wholesale Market stated, "According to data, the supply of king crabs and salmon has decreased." According to the market's 'Today's Auction Price,' 3,310 kg of Russian snow crabs were traded on the 5th before air routes were blocked, but only 242.9 kg were traded on the 14th.

As the situation worsened, restaurants specializing in salmon and other seafood are unable to sell their products. Mr. Lee (41), who runs a salmon specialty restaurant in Gongdeok-dong, said, "From December to February, the price of salmon rose by 5,000 won per kilogram to 17,000 won, but now it is 27,500 won per kilogram," adding, "We are not selling any salmon-related menu items."

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