Last week, Norwegian fresh salmon prices surged to a new record high, reaching NOK 120.04 per kilo, equivalent to almost £9. This spike occurred despite an overall increase in supply, showcasing the market’s volatility.
The average price masks even higher costs for larger fish, with five to six kilo specimens fetching around NOK 130 (£9.60). This upward trend has persisted for three weeks, although experts anticipate a potential stabilization in the near future.
Forecasting price trends in the salmon industry remains challenging, often defying expectations. However, prevailing sentiment suggests that prices will likely remain elevated due to diminished global biomass. Norwegian production has declined, while both Chile and Scotland are experiencing reduced salmon output.
Moreover, there has been a notable uptick in the price of “prodfish” – salmon damaged by pre-sale injuries. This category is currently at the centre of a dispute between Norway and the European Union.
Statistics Norway’s latest report indicates a 4.2% increase in week 14 prices compared to the previous week, which averaged just over NOK 115 per kilo (£8.50). Despite the high prices, exports have seen a boost, with overseas sales reaching 11,675 tonnes, up from 9,512 tonnes the previous week. This increase comes despite Easter-related market closures, indicating sustained demand.
Meanwhile, frozen salmon prices have also risen but remain relatively stable, averaging NOK 90.57 per kilo (£6.70) compared to NOK 88.74 (£6.56) a week earlier. However, frozen salmon exports have decreased slightly, with the export volume down by 55 tonnes to 463 tonnes.
As the salmon market continues to navigate challenges, stakeholders are closely monitoring developments to anticipate future trends and adapt their strategies accordingly.
