Snow crab market in Japan shaken by soaring prices

Snow crab markets in Japan have plunged as buyers are struggling with the purchasing of crab from Newfoundland in the wake of soaring prices.

"There has been more contracts being canceled or not filled this season," sources in Japan told IntraFish. “Everything is unusual and some panic is setting in.”

'Panic' began with the first contract that major players Quinlan Brothers and Maruha Nichiro had at $5.15 (€4.60) per pound, FOB St. John’s, for sizes 4-8 ounce brine bulk, for limited loads, in March.