Norwegian salmon prices drop slightly as volumes increase

The Nasdaq Salmon Index showed the average price of a kilogram of Atlantic salmon farmed in Norway declined by NOK 4.05 (USD 0.36, EUR 0.34) this past week. 

The index, which provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway, said the average per-kilogram price of salmon has increased NOK 2.13 (USD 0.19, EUR 0.18) over the past four weeks. Over the last 12 weeks, the price has risen NOK 1.26 (USD 0.11, EUR 0.11).

In week 43 of 2023, the Oslo Børs Fish Pool Price Status report said Norway exported a total of 26,459 metric tons (MT) of salmon, up from 23,779 MT exported in the corresponding week of 2022, and from the 24,609 MT Norwegian suppliers exported overseas in week 42.

The Norwegian Salmon Council's weekly report on Norwegian seafood exports, meanwhile, indicates that the country exported 31,479 MT of salmon. The largest volume of salmon was exported to the E.U., with 25,264 MT – up from 20,289 MT in the same week of 2022. 

In Europe, Poland received 7,506, which is up from last week’s 6,151 MT; Denmark imported 3,749 MT which is up from last week’s 1,981 MT; the Netherlands imported 3,266 MT, up from 2,410 MT; France imported 2,397 MT, up from last week’s 2,297 MT;  Spain imported 1,842 MT, up from last week’s 1,640 MT; Italy imported 1,663 MT down from last week’s 1,444 MT; and the United Kingdom imported 1,490 MT which is up from last week’s 1,349 MT.

China received 986 MT, which is up from last week’s 710 MT,  and the U.S. imported 750 MT which is up from last week’s 417 MT. 

One- to 2-kilogram salmon accounted for 0.07 percent of total sales, with an average price of NOK 67.30 (USD 6.02, EUR 5.70), an increase of NOK 1.50 (USD 0.13, EUR 0.13) over last week. Two-to-3-kilogram salmon accounted for 5.73 percent of total sales, and sold for an average of NOK 77.24 (USD 6.91, EUR 6.54), down NOK 1.10 (USD 0.01, EUR 0.01).

Salmon in the 3- to 4-kilogram range made up 25.67 percent of all fish sold, and had a per-kilogram average price of NOK 80.06 (USD 7.16, EUR 6.78), a decline of NOK 3.69 (USD 0.33, EUR 0.31). The 4-to-5-kilogram category, comprising 30.89 percent of total sales, saw its average price decline NOK 3.60 (USD 0.32, EUR 0.30) from last week.

Salmon between 5 and 6 kilograms, representing 26.66 percent of total sales, declined to an average per-kilogram price of NOK 79.94 (USD 7.15, EUR 6.77), down NOK 5.46 (USD 0.49, EUR 0.46), while 6- to 7-kilogram salmon, which accounted for 7.96 percent of the total distribution, sold for an average of NOK 81.08 (USD 7.25, EUR 6.87) – a decline of NOK 6.46 (USD 0.56, EUR 0.55). The price of salmon weighing between 7 and 8 kilograms declined to NOK 77.51 (USD 6.93, EUR 6.56), down NOK 11.28 (USD 1.00, EUR 0.95), and made up 2.23 percent of the total distribution.

Fish Pool reported future prices are trending relatively flat. November's futures pricing declined to NOK 79.00 (USD 7.06, EUR 6.69), from last week’s NOK 82.50 (USD 7.37, EUR 6.97). December's future pricing increased slightly to NOK 87.60 (USD 7.82, EUR 7.41), relatively flat compared to last week’s NOK 88.10 (USD 7.87, EUR 7.44). Futures pricing for Q4 2023 has declined to NOK 82.87 (USD 7.40, EUR 7.01) from last week’s NOK 84.37 (USD 7.54, EUR 7.13). 

Photo courtesy of Leroy Seafood/Facebook