Lower crab price raises concern

Concerns over lowered crab price are increasing as a Newfoundland and Labrador regulating panel has lowered the price of raw crab.

The sudden fall of price of raw crab has prompted a union official to call for new pricing methods. The union said that it will do nothing to help fishermen instead raises concern about their future and livelihood. From the beginning the processors had been demanding that price of crab, the most lucrative harvest in Newfoundland and Labrador's fishing industry, be cut from the previously established price of $1.55 per pound to $1.32 per pound.

The independent panel pays no heed to the worries of the union and passed their judgment lowering the price of raw crab. The independent panel was appointed by the Newfoundland and Labrador government. They approved on Monday a new price of $1.40. The processors say it's not enough of a cut to be viable in a turbulent marketplace but the Fish, Food and Allied Workers union says the industry is not being managed properly.

Union president Earle McCurdy said that they are going to limit how many export licences there are and prevent one or two or three or four buyers for whatever their motivation or pressures to go out and dump product and screw up the market for everybody. The FFAW has maintained the previous price was already too low.

Source: cbc"

WorldFishingToday d. 06-05-2009