Some Newfoundland Snow Crab Plants Attempting to Settle with Japanese at $6.95 FOB St. John’s Major Newfoundland snow crab packer Quinlan Bros. announced their first contract with Japanese buyers. The company has agreed with Maruha Nichiro on a first order for 1000 tons, packed to Japanese specifications, at a price of $6.95 FOB St. John’s. The Quinlan Bros. now have a state-of-the-art plant since rebuilding the Newfoundland facility after a fire razed the plant just before the start to the snow crab season last year. The destruction of the plant created a chaotic situation in the snow crab market last year as Japanese buyers had to scramble to fill orders that they thought were solid. There are several other major plants in Newfoundland that have agreed to sell at this same price, but as of press time, no additional contracts have been publicly announced. There certainly is a strong desire for more orderly Japanese purchasing this year, on the part of both crab producers and their major Japanese partners writes John Sackton. Record high prices for many popular seafood items in the US market are likely to support more shrimp consumption in 2017 given the item's relatively stable price and a strong supply outlook.A look at Urner Barry quotations show high market prices for salmon, snow crab, king crab and mahi-mahi. Compared to these other seafood species, the shrimp market represents a value and could be used as a replacement item on restaurant menus and among retailers. In other news, the normalization of trade relations between China and Norway has salmon producers in Norway looking to expand sales to the Chinese market. The industry is looking for new markets and new ways to boost margins. One such example is Marine Harvest cooperation with Alibaba Group Holding Ltd., China’s biggest e-commerce company, to sell salmon online. “China is too big to ignore,” Hogne I. Tyssoy, portfolio manager of the Holberg Triton fund, said “Now when it’s opening again, Norwegian seafood has an exciting future in China.” Meanwhile, Indian shrimp exports are likely to benefit from lower duty rates the US Department of Commerce preliminarily announced in March. The 1.07 percent country-wide rate would result in some refunds for several exporters if finalized. "Because of the duty being lowered, a lot of major exporters will stand to get duty refunds which will be a big boost for the exports," said Rajen Padhy, director general of Utkal Chamber of Commerce and Industry and a seafood consultant. Finally, Red Lobster continues to expand to international markets. It has built 21 restaurants internationally since its spun off from Darden Restaurants in 2014. The company has expanded to Mexico, Ecuador and Saudi Arabia among other markets. Red Lobster hasn't built a new restaurant in the US over two years and doesn't have any immediate plans for new American locations.