Decision on Snow Crab Price

The Standing Fish Price Setting Panel released its decision on the price of snow crab moments ago and it selected the position of ASP. The initial price this season will be $7.60.

The FFAW position was greatly undermined by ASP’s challenge of Earle McCurdy, which pushed the hearing back by nearly a week. When FFAW submitted its price position on Thursday, March 24^th, the Urner Barry market for NL 5-8s snow crab was $15.25. Since that time, the market has dropped by $1.50 USD and is currently at $13.75.

We have been in contact with Urner Barry to get a better understanding of what is happening in the market and they have advised us that the price is continuing to fall. Please keep in mind, that ASP based its price position in the $12 USD-range. If the market firms up at a higher price, we will be seeking an immediate reconsideration to bring the price in line with the actual market.

We understand that this is a difficult decision to accept. We will be meeting with the Inshore Council and the negotiating committee this evening to decide upon next steps.

Thank you to everyone who participated in negotiations and who came out to protest this week. This is not the end. We need outside buyers.