Flounder-shock: Public, restaurateurs feel the squeeze as warm temperatures and Iran war disrupt global seafood supplies
King crab prices skyrocketed 50 percent in the last week of May; other fishery products climbed 20 to 30 percent. And those prices won't be coming down anytime soon, industry sources say.
Seafood prices are climbing rapidly as catches dwindle amid abnormal weather and rising fuel costs driven by the war in the Middle East. The strain is extending to regular households and restaurant owners, who are struggling with supply disruptions.
Wholesale auction prices for major seafood products rose significantly in the fourth week of May compared with the previous week, according to Suhyup Noryangjin Fisheries. Suhyup is the national federation of fishery cooperatives.
In the given period, the price of king crab climbed 56.4 percent to 70,200 won ($46) per kilogram, while that of hairtail fish rose 29.1 percent to 24,400 won. Snow crab and nakji (a smaller species of octopus with long limbs) prices increased 28.2 percent and 24.7 percent, respectively.
Seafood commonly used for hoe (raw fish) dishes also saw price hikes.
A kilogram of wild olive flounder rose 30.7 percent to 8,100 won, while farmed olive flounder increased 9.9 percent to 20,000 won. Prices for wild sea bass and farmed red sea bream also climbed 11.7 percent and 12.7 percent, respectively.
The squid market is facing growing supply pressures as well.
Offshore squid catches totaled just 9 tons last month, down 76.9 percent from the same month in the previous year, according to the Korea Maritime Institute.
Industry sources expect elevated prices for some seafood products to persist for the time being, as climate change, deteriorating fishing conditions and rising distribution costs are likely to continue weighing on supply.
The National Institute of Fisheries Science forecasts that sea surface temperatures will be more than 1 degree Celsius above seasonal averages, with high-water-temperature advisories likely to be issued in early to mid-July.
The supply squeeze is spilling over into the restaurant industry.
A hagfish restaurant in central Seoul's Jongno District has begun shipping in live hagfish from Busan after overseas supply disruptions made imported products harder to obtain. The restaurant has also increased the price of a menu item from 15,000 won to 19,000 won.
The government has stepped in with measures to stabilize seafood supplies. The Ministry of Oceans and Fisheries plans to release up to 8,000 tons of government stockpiles, including pollock, mackerel, squid and hairtail, into the market by July 15. The products will be sold through traditional markets and major retailers at discounts of 30 percent to 40 percent off market prices.
To ease the burden of fuel costs on fishers, the government has also raised the ceiling on fuel-linked subsidies for tax-exempt diesel used in fishing operations from 138.4 won to 176.2 won per liter.
In addition, authorities plan to expand funding for high-temperature response equipment, develop more resilient aquaculture breeds and encourage early harvests of vulnerable species as part of broader efforts to protect fish farms from heat-related damage.
BY JEONG JAE-HONG [[email protected]]
