Panel Price Decision on Shrimp
June 27, 2022
Shrimp harvesters across the province are shocked by the result of the Standing Fish Price Setting Panel’s decision today to set the minimum price for summer shrimp at just $0.90/lb.
Incomprehensibly, the market has improved since the spring price was set at $1.42/lb just a few months ago. Since last summer’s price of $1.16/lb (ASP’s final offer which was selected by the Panel), the market has improved 36% according to dedicated market reports from the provincial government.
The decision further compounds frustrations felt by shrimp harvesters who could not find buyers for their shrimp during the spring season. Our provincial government must ensure that these companies act fairly given the immense privilege it is to hold a processing license in this province – terms that need to be clearly demonstrated as a condition of their license.
The decision is entirely unsupported by market realities. Taking into consideration the significant increase in operational costs, particularly fuel, fish harvesters will not come close to breaking even at this insultingly low price.