Rising water temperatures, fuel costs push up seafood prices

Concerns are growing over seafood supply instability as fishing activity declines amid rising water temperatures and higher fuel costs.

Auction prices for king crab, hairtail and snow crab at Noryangjin Fish Market surged between May 25 and May 30. King crab averaged 70,200 won (about $46) per kilogram, up 56.3 percent from the previous week. Hairtail rose 29.1 percent to 24,400 won over the same period. Snow crab climbed 28.1 percent, while webfoot octopus rose 24.71 percent.

Prices for sashimi-grade fish are also climbing. Wild-caught flounder reached 8,100 won per kilogram, up 30.6 percent from the previous week, while farmed flounder rose 9.8 percent to 20,000 won. Wild sea bass gained 11.68 percent and farmed red sea bream rose 12.73 percent.

Squid prices are also surging as catches dwindle. According to the Korea Maritime Institute, squid caught by coastal jigging vessels totaled 9 tons in the week of May 17 to May 23, down 76.9 percent from the same period last year.

The government is working to stabilize seafood supply. With fishing operators facing mounting fuel costs, authorities raised the cap on fuel-linked subsidies for tax-exempt diesel — paid through September — from 138.4 won per liter to 176.2 won per liter for fishing vessels.

The Ministry of Oceans and Fisheries plans to release up to 8,000 tons of government-stockpiled seafood onto the market through July 15 to counter price increases caused by fishing bans and rest periods.