The province’s Standing Fish Price Setting Panel released its decision implementing a market sharing formula as proposed by the Fishermen, Food and Allied Workers Union.
The base price was proposed under a detailed formula which sees harvesters receiving a minimum of $3.30 per pound for market conditions up to and including $5 Canadian. Harvesters will get 70 per cent of any incremental amount greater than $5 and up to $6, and 80 per cent of any incremental amount greater than $6 per pound.
FFAW president Earle McCurdy said “The market formula is important in ensuring fish harvesters get a fair share as lobster markets gradually improve from the doldrums of the recession.”
Under the formula, the harvester’s share of the market return increases at higher market levels.
The union met in Corner Brook this month with representatives of the Seafood Producers of Newfoundland and Labrador (SPONL) to reach an agreement on a lobster pricing schedule. SPONL declined to make a price offer and the union proceeded with its presentation to the Panel Apr. 15.
Prices will be adjusted weekly according to market conditions in effect at the time.
The prices reported by the U.S.-based market reporting agency Urner Barry will be the basis for the formula. Urner Barry publishes fish market reports for a wide variety of species every Tuesday and Thursday, and lobster prices in effect each week will be announced Fridays.
Under the provisions of the Fishing Industry Collective Bargaining Act, the decision by the Panel is binding on all lobster buyers in the province.
Lobster prices in the province last year ranged from $3 to $3.25 per pound for most of the season, before rising late in the year. Lobster prices throughout Atlantic Canada and the Eastern Seaboard of the United States have been at low levels for the past two to three years as a result of the economic recession and significantly increased overall landings.
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