Panel Hearing for Snow Crab Taking Place Today in St Johns
May 16, 2019
05/16/2019
The panel hearing for the reconsideration of the 2019 crab price is currently taking place in St. John’s.
In April, the Standing Fish Price Setting Panel accepted the Ffaw price position of $5.38 per pound. At the time, the market for snow crab was good and demand was strong. Since then, ASP is claiming the market has somewhat declined, prompting the request from processors to have the price reconsidered.
ASP’s position at reconsideration is 4.90. In light of the decline in the market and the nature of Panel hearings, the FFAW Negotiating Committee price position is $5.05.
The Panel is decision is bound by final offer selection rules, meaning that the Panel must select either the position of FFAW or ASP.
The panel is required to provide a response no later than 5 PM on Friday, May 17th, and the new price will come into effect at 12:01am on Sunday, May 19th.