Since it's currently the world's largest importer of lobster, China in many ways pulls the levers of the crustacean's supply. And because there's very little demand for lobster in China right now, seeing as how large swaths of the country are now living under medical martial law, lobster companies elsewhere are actually considering tossing them back into the ocean since there's not enough people to buy them these days.
Chinese restaurants the world over are aggressively slashing their lobster prices in an attempt to at least get the product they have moving, but there's still a supply glut that's hurting the fishermen who catch these bright red creatures the most – and at the worst time possible since the Chinese Lunar New Year celebration is typically when lobster is most in demand in China.
"The outbreak arrived in the midst of Lunar New Year celebrations – traditionally the busiest season for lobster orders – causing restaurants to cut prices by up to 50 per cent and some major exporters like New Zealand to consider tipping their live catch back into the sea," writes Su-Lin Tan for the South China Morning Post.
"Authorities in New Zealand last week said they would assist desperate exporters with controlled releases of some lobsters after most of the nation's rock lobster orders to China were cancelled," she adds. "In Australia, the Australia China Business Council said the government had been inundated with inquiries from the industry for help."
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Many fishermen have simply stopped fishing and docked their boats in the hope of an eventual recovery
At this point in time, it's more beneficial for some fishermen to simply stop fishing altogether, which is what many of them are now doing. Especially those that supply primarily to China, some commercial fishermen have decided to simply dock their boats and wait it all out in the hope that demand will eventually increase and once again steady out the prices for lobster and other sea delicacies.
"It's a waiting game, but we will slowly re-enter the market when it kicks back in," says Andrew Ferguson, the head of a South Australian rock lobster fishing company, comparing the situation to what took place back in 2002-03 during the SARS (severe acute respiratory syndrome) epidemic.
"For us fishers, we mostly work on just-in-time orders and ... there are also other markets which are still importing."
The problem, of course, is that many fishing companies rely on the Chinese market to stay afloat. Without Chinese orders, in other words, many of them could soon go under, or at least have to drastically reconfigure their business plans.
"While the outbreak has had an economic impact on our industry, it pales in comparison to what the Chinese communities are going through," added a spokesman from the Geraldton Fishermen's Co-operative (GFC) in Western Australia, which sells 90 per cent of its rock lobsters to China.
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