Market Update - Reporting from China.

Monday May 21, 2018

April and May are typically strong months in the year for shipping lobster to China. This year has been no exception.

The USD trade price is higher this year on last year and with a softening exchange rate against the USD, returns to our fishermen are improving.

The Sales Team is travelling through China at the time of writing in the last part of May, and this update comes to you from there.

Observations in the Shanghai Jiang Yang Seafood Market show chaotic activity. A large wall of product is coming in from Western Australia (WA), predicted to be 800 tonnes plus for the month of May. More and more of the WA product is now arriving through formal ports which are helping stabilise the business for the WA industry.

25 tonnes a day of South East Asia farmed green lobster is also arriving. The thoughts of having the market to ourselves during May have quickly diminished.

The good news is demand remains strong even with all this additional supply coming in from other regions of the world. CRA5 seems to be ahead of the pack and making the most of good supply for the May demand.

On this trip, we have had Richard Hendry our Technical Manager testing water conditions at the market. Richard has had a large interested audience where ever he goes with his testing kit. It’s been a great opportunity for Richard to come to grips with the inner workings of the seemingly complex and chaotic wholesale seafood market.