Norwegian salmon prices continue summer slide

Norwegian salmon prices continued their downward spiral in early September, with average prices dipping NOK 0.77 (USD 0.07, EUR 0.06) per kilogram to NOK 70.42 (USD 6.57, EUR 6.12).

Average prices are down more than 10 percent over the past month and more than 35 percent in the past three months, according to the Nasdaq Salmon Index.

According to the Oslo Børs Fish Pool Index, the average per-kilo price of Norwegian salmon sunk to NOK 70.61 (USD 6.59, EUR 6.14) in week 35 of 2023, down from NOK 71.16 (USD 6.64, EUR 6.19) the previous week and more than NOK 125 (USD 11.66, EUR 10.87) in March 2023.

The lower prices have pushed volumes sold higher, with the country's export volume in week 35 rising by 1,171 metric tons (MT) to 25,260 MT, which was also up more than 1,000 MT from the 2022 figure for week 35. Weekly export totals have risen year over year in each of the past six weeks, and 12 of the past 13 weeks.

Prices for 2- to 3-kilo and 3- to 4-kilo salmon actually rose slightly in the past week, but 4- to 5-kilo salmon sunk NOK 0.39 (USD 0.04, EUR 0.03) in value to NOK 70.20 (USD 6.55, EUR 6.10) on average, and 5- to 6-kilo salmon dropped NOK 1.13 (USD 0.11, EUR 0.10) in price to NOK 72.08 (USD 6.73, EUR 6.27). Larger fish of 7 to 8 kilos dropped 13 percent in price to NOK 102.67 (USD 9.58, EUR 8.98), according to the Nasdaq index.

Futures trended up, with prices for Q4 2023, Q1 2024, and Q2 2024 all rising. Futures pricing for Q1 and Q2 2024 surpassed NOK 100 (USD 9.33, EUR 8.69), while prices for Q3 and Q4 2024 remained flat.

Photo courtesy of Frøya Laks