Norwegian salmon prices continue to inch up

The latest report from the Nasdaq Salmon Index indicates the average price of a kilogram of Atlantic salmon farmed in Norway rose by NOK 0.92 (USD 0.01, EUR 0.01) over the past week. 

Over the past 12 weeks, Norwegian salmon prices have declined 6.52 percent overall. But over the past month, they're up by almost 8 percent, including a 1 percent incline in the past week, index, which provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway, said. 

The index reported the average per-kilogram price of salmon has increased NOK 5.85 (USD 0.52, EUR 0.50) over the past four weeks. The increase was not able to offset declines over the last 12 weeks, with the total decline sitting at NOK 5.56 (USD 0.50, EUR 0.48).

In week 41 of 2023, Norway exported a total of 24,679 MT of salmon, down from 25,531 MT in the corresponding week of 2022, and from the 25,979 MT Norwegian suppliers exported overseas in week 40.

According to the Norwegian Salmon Council's weekly report on Norwegian seafood exports, the largest volume of salmon was exported to the E.U., with 19,680 MT which is up from last week’s total of 20,757 MT. In Europe, Poland received 5,246 MT which is down from last week’s total of 6,304 MT; Denmark received 2,632 MT which is down from last week’s 3,042 MT; the Netherlands imported 2,621 MT, which is up from last week’s 2,278 MT; France imported 2,365 MT which is up from last week’s 2,141 MT; Spain received 1,658 MT, which is up from last week’s 1,515 MT; Italy received 1,418 MT, which is slightly up from last week’s 1,403 MT; the United Kingdom received 1,222, up from last week’s 1,218 MT; Lithuania received 1,210 MT, up from last week’s 1,082 MT; and Germany imported 600 MT, less than last week’s 1,015 MT. 

China received 600 MT, less than last week’s 719 MT of salmon and trout from Norway, and the U.S. imported 465 MT, less than last week’s 619 MT. 

One- to 2-kilogram salmon accounted for 3.30  percent of total sales, with an average price of NOK 54.94 (USD 4.99, EUR 4.72), a minor increase of NOK 0.52 (USD 0.05, EUR 0.04) over last week. Two-to-3-kilogram salmon accounted for 12.49 percent of total sales, and sold for an average of NOK 70.25 (USD 6.37, EUR 6.04), up NOK 1.35 (USD 0.12, EUR 0.12).

Salmon in the 3- to 4-kilogram range made up 23.98 percent of all fish sold, and had a per-kilogram average price of NOK 80.56 (USD 7.30, EUR 6.93), an increase of NOK 0.25 (USD 0.01, EUR 0.01). The 4- to 5-kilogram category, comprising 26.23 percent of total sales, saw its average price increase NOK 0.25 (USD 0.01, EUR 0.01) from last week.

Salmon between 5 and 6 kilograms, representing 22.75 percent of total sales, reached an average per-kilogram price of NOK 82.44 (USD 7.46, EUR 7.07), down NOK .37 (USD 0.01, EUR 0.01), while 6- to 7-kilogram salmon, which accounted for 8.24 percent of the total distribution, sold for an average of NOK 84.53 (USD 7.64, EUR 7.25). Over one week, the price of salmon weighing between 7 and 8 kilograms declined to NOK 85.84 (USD 7.76, EUR 7.37), and made up 2.69 percent of the total distribution.

The largest declines in price were for large, 9 kilogram or larger salmon, which dropped NOK 10.95 (USD 1.00, EUR 0.94) in pirce to NOK 84.27 (USD 7.63, EUR 7.23). However, the largest size made up just 0.01 percent of the overall distribution.  

Fish Pool reported future prices, meanwhile, have increased. November's futures pricing increased to NOK 80.00 (USD 7.23, EUR 6.86) from NOK 77.25 (USD 7.21, EUR 6.73). December's future pricing increased to NOK 86.50 (USD 7.82, EUR 7.42) from last week’s NOK 85.75 (USD 8.01, EUR 7.47). Futures pricing for Q4 2023 has increased to NOK 83.00 (USD 7.50, EUR 7.12) from last week’s NOK 78.27 (USD 7.31, EUR 6.82).

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