Prices of lobster heavily slump

It was once 80% of lobster products going into China and 20% of them being consumed in the domestic market, according to lobster farmers. However, the novel coronavirus spread has prevented lobsters from being exported, resulting in a heavy slump in price.

Prices of lobster in Khánh Hoà have seriously reduced for one week. Baby lobster size 400g/pc is sold at 500,000 dong/kg, the ones size 200-300g/pc is at 400,000 dong/kg and the ones size 100g/pc is at 300,000-350,000 dong/kg. These prices are 5-20% lower than they were in Feb. Farmers in Phú Yên are defining prices of lobster in vain since there are no traders. Farmer Nguyễn Quốc Huy who has cultivated lobsters for years in Sông Cầu town said that traders paid them very cheap prices which ranged at 480,000 dong/kg when purchasing the whole cage of 200kg. Thus, the buyer refused to sell.

Prices of shrimp are returning to fall as restaurants are closed and traders and companies appear to hesitate due to low demand, according to local authorities in Cam Bình, Cam Ranh and Khánh Hoà communes. Deputy Head of the Phú Yên Fisheries sub-department Lê Thị Hằng Nga said that most of households sold a few amount of lobsters to seafood restaurants in Hồ Chí Minh city and Hà Nội. Some traders and seafood facilities are pushing the price down, making farmers continue rearing their lobsters half-heartedly but sell them.