Norwegian salmon prices continue to drop

Prices for Norwegian salmon continued to slip in the 32nd week of the year, continuing a downward trend.

The Nasdaq Salmon Index reported the price of a kilogram of Atlantic salmon farmed in Norway reached an average NOK 74.18 (USD 7.03, EUR 6.44), a drop of NOK 4.70 (USD 0.45, EUR 0.41), or 5.95 percent, week-over-week to compared to week 31.

Norway exported a total of 21,060 MT of salmon in the past week, up from the 20,183 MT it send int hte corresponding week of 2022. That total is also up from the 20,469 MT sent in week 31, Fish Pool reported.

The Nasdaq index provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway. Over the past four weeks, the index reported the average price declined by 18.49 percent, or NOK 16.83 (USD 1.60, EUR 1.46). Over the past 12 weeks, Norwegian salmon prices have dropped 31.70 percent, or NOK 34.43 (USD 3.26, EUR 2.99).

By weight class, 1-to 2-kilogram salmon accounted for 0.24 percent of sales, with prices declining NOK 4.15 (USD 0.39, EUR 0.36). The next largest weight class, 2-to 3-kilograms, accounted for 9.97 percent of all sales and sold for an average of NOK 66.50 (USD 6.30, 5.78), down NOK 2.22 (USD 0.21, EUR 0.19).

The second-largest weight class by volume sold, 3- to 4-kilogram salmon, made up 34.07 percent of all fish sold and had a per-kilogram average price of NOK 70.72 (USD 6.70, EUR 6.15), a drop of NOK 4.57 (USD 0.43, EUR 0.40). The largest portion of salmon distribution, the 4- to 5-kilogram category, comprised 36.14 percent of total sales and the average price fell NOK 5.29 (USD 0.50, EUR 0.46) from last week. Norwegian salmon weighing between 5 and 6 kilograms, representing 15.19 percent of total sales, reached an average per-kilogram price of NOK 78.98 (USD 7.49, EUR 6.87) down NOK 7.01 (USD 0.66, EUR 0.61).

Fish Pool also reported trending flat prices for the foreseeable future. August's future pricing declined week-over-week to NOK 73.50 (USD 6.97, EUR 6.39), and September's remains flat at NOK 71.55 (USD 6.78, EUR 6.22). October forward prices are flat at NOK 74.70 (USD 7.08, EUR 6.49), as are November's at NOK 78.10 (USD 7.40, EUR 6.79). December similarly remained flat estimated at NOK 87.30 (USD 8.28, EUR 7.59), with Q4 2023 declining to NOK 80.03 (USD 7.83, EUR 7.13). 

Photo courtesy of Christin Klose/Shutterstock