U.S. lobster prices have plummeted to the lowest in at least four years after the spread of the coronavirus halted charter flights to Asia.
The coronavirus outbreak is turning one luxury treat reserved for special occasions into a meal bargain hunters can afford.
“This is like a fatal blow,” said Stephanie Nadeau, owner of Arundel, Maine-based The Lobster Co., which saw orders to Hong Kong shrivel from about 1,000 boxes a week to a total of 120 boxes — each carrying 33 pounds — since late January. “I’m about to lay off most of my employees.”The U.S. used to be the main supplier of live lobster to China as exporters tapped into surging demand from the Asian nation’s growing middle class.
Prices for New England halves — a whole lobster weighing 1.5 pounds — have tumbled 17% since Jan. 20 and are currently at $8.10, the lowest for the period since at least 2016, she said. They typically rise this time of year as supplies are tighter before the main fishing season begins. Last year, they cost $10.70, with the 10-year-average at $9.85.
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