In April, the Standing Fish Price Setting Panel set the minimum price for crab for 2018 at $4.55 per pound, accepting the price position of ASP. At the time of this decision, your Union voiced its strong disagreement with the Panel’s decision, noting that it was based on market conditions that would not reflect reality.
Under the Panel rules, FFAW is entitled to one reconsideration on crab each year and that reconsideration has to be based on substantial changes in the market or currency. As we only get one chance to change a previous decision, it was essential to wait until we had definitive evidence of a change in market to present to the Panel.
This week we received our first official market return information on NL snow crab. That market information showed the market price to be up significantly from the market upon which the Panel based its decision.
Your Union is in the process of filing a reconsideration application with the Panel on the basis on a significant improvement in market. As with the earlier Panel hearing, the reconsideration will also be final offer selection, meaning that the Panel must select either FFAW’s or ASP’s position.
We anticipate a hearing by the Panel early next week – potentially Monday – and a decision by the Panel shortly thereafter. We will advise crab harvesters of the details of the Panel’s decision as soon as it is released.