Norwegian salmon prices drop 8 percent as downward trend continues

Norwegian salmon prices continued to decline in the 25th week of 2023, dropping 8.47 percent from last week. 

The average per-kilogram price for farmed Norwegian Atlantic salmon continued to decrease over the past week, dropping NOK 7.74 (USD 0.72, EUR 0.66) to an average of NOK 83.63 (USD 7.73, EUR 7.08). The drop is a continuation of the decline the Nasdaq Salmon Index reported last week, when the price dropped NOK 17.61 (USD 1.63, EUR 1.49) to an average price of NOK 91.36 (USD 8.44, EUR). The index offers a weekly sales update and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway. 

Over the past four weeks, the average price has declined 23.35 percent, or NOK 25.47 (USD 2.35, EUR 2.16), and over the past 12 weeks, the price has declined by 24.82 percent, or NOK 27.62 (USD 2.55, EUR 2.34).

In the 25th week of 2023, 2- to 3-kilogram fish accounted for 15.66 percent of all sales, and sold for a per-kilo average of NOK 74.87 (USD 6.91, EUR 6.34), a decline of NOK 7.01 (USD 0.64, EUR 0.59). The highest percentage of sales went to 3- to 4-kilo salmon, which made up 35.02 percent of all fish sold and had a per-kilo average price of NOK 82.06 (USD 7.58, EUR 6.95), a drop of NOK 6.29 (USD 0.58, EUR 0.53) . 

The 4- to 5-kilogram category made up 23.65 percent of all sales, and the average price dropped by NOK 8.04 (USD 0.74, EUR 0.68) to NOK 85.80 (USD 7.92, EUR 7.27). 

Norwegian salmon weighing between 5 and 6 kilograms, representing 11.13 percent of total sales, reached an average per-kilo price of NOK 90.99 (USD 8.60, EUR 7.71) down NOK 9.17 (USD 0.84, EUR 0.77).

Overall Norway exported a total of 16,792 MT of Atlantic salmon, up from 16,619 MT in the same week in 2022, but down from the 17,359 MT sold in week 24 of 2023.

Despite the drops in price across almost every weight class, Fish Pool reported futures are trending upward. The July index forward prices were listed at NOK 88.00 (USD 8.13, EUR 7.45) per kilogram, up from NOK 87.50 (USD 8.12, EUR 7.43) last week. August was also listed as trending upward, though the predictions remained relatively flat at NOK 77.50 (USD 7.19, EUR 9.58), and September remained flat at NOK 74.50 (USD 7.16, EUR 6.56), down slightly from the NOK 75.00 (USD 6.96, EUR 6.37) listed last week. 

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