With prices already strong, those dealing in king crab are hoping the upcoming season brings stability — and maybe even a price break.
“We’ve been over USD 60 (EUR 52.98) (for king crab) for a couple of years,” said a Midwest restaurateur. And while sales for the premium product haven’t faltered yet, he doesn’t want to see prices escalate much beyond where they are now.
The restaurant will do its buying for 2016 in October and November, committing to a specific amount and then doing a second buy later if necessary. When the Bristol Bay season gets underway in mid-October, he’ll start bringing in fresh kings as well.
“We’ll take whatever we can get, because fresh king is out of this world,” he said.
Recent FOB prices for frozen leg and claw red king crab ranged from USD 16.85 (EUR 15.02) for 6-9 count to just below USD 12 (EUR 10.70) for 20-24s. A year ago, prices were higher, topping out at USD 18.15 (EUR 16.18) for 6-9s and USD 10.15 (EUR 9.05) for 20-24s.
Prices moderated, said one West Coast distributor, as restaurants began to take king crab off their menus last year. Still, he said, sales for kings remain good.
As the restaurateur pointed out, “Some steakhouses are getting USD 75 (EUR 66.22) to USD 80 (EUR 70.64) for a steak, so that’s what we’re competing against” with king crab.
“I don’t think we’ll see too much price relief” headed into the season, said the distributor. Although the numbers haven’t been set yet, he said recent total allowable catch figures “have been nothing to write home about” and with demand picking up as usual going into the holidays, prices aren’t expected to change significantly.
“I think the Alaska fishery will be just so-so,” he said.
Heavy demand from China also has siphoned off product from Russia that may otherwise have been headed to the U.S. market, noted another West Coast distributor, thus firming prices.
Although red king is the preferred product, the restaurant operator said he has alternatives if prices escalate, including offering golden, which is selling about USD 2 (EUR 1.78) a pound less on all sizes.
When red king menu prices were nearly USD 66 (EUR 58.84) several years ago, he offered golden as a lower-priced option and golden outsold red two-to-one for a time. Currently, golden is used for brunch buffets and in sushi. But when fresh golden is available, “that sells too,” he said, noting they can go through 400 to 500 pounds.
