Industry insiders predict that prices will fall further, citing higher production, shrinking gift-giving demand and weak household spending.
This year’s National Day break overlaps with the Mid-Autumn Festival, creating an eight-day “super golden week” that is being viewed as a litmus test for domestic demand – covering everything from retail sales and box office takings to spending on travel, dining and entertainment.
The first batches of hairy crabs hit markets across China last week, but market sentiment is downbeat less than two weeks ahead of the super golden Week.
Retail prices are down by about 20 yuan a kilogram (US$1.28 a pound) compared with the same time last year – when media reports said they ranged between 100 and 160 yuan/kg – and may fall further as deliveries gather pace, according to a report released online by Shanghai’s Jiading district government.
Hairy crabs, also known as mitten crabs, are palm-sized crustaceans named after their furry claws. Some of the most famous come from Yangcheng Lake in the eastern province of Jiangsu. The crabs are maturing earlier this year due to warmer climate conditions, with peak flavour expected late this month, rather than next month or later.
