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Price Setting Panel Sides with ASP in Snow Crab Reconsideration

May 17, 2019

The Standing Fish Price Setting Panel has released its decision on the reconsideration on the price of snow crab and it has selected the position of ASP. The minimum price will be $4.90per pound, effective 12:01 am, Sunday, May 19th.

FFAW strongly disagrees with this decision. The market for many crab products produced in NL remains strong and the decline in the 5-8 sections as posted on Urner Barry are not an adequate reflection of the value of our snow crab fishery. Moreover, ASP failed to provide any actual evidence of the impact of a price decline on its members, which it could easily have done. Instead, it relies on numbers that are unverified.

The cost of this price change will be at least $12 million to harvesters. This is a steep loss that is supported by few facts. It is time for greater transparency in the fishery, so that changes to the financial well-being of thousands of NL residents can be based a real honest assessment of facts. Harvesters will be paying a high price this year; we have no way of knowing if the same is true for the processing companies.

Thank you to the negotiating committee who were at the forefront of addressing a very difficult position this week.