Rising Norwegian salmon prices not slowing demand

Norway exported 22,910 metric tons (MT) of salmon in week 48 of 2023, up from 22,316 MT exported in the corresponding week of 2022, and up from the 22,141 MT exported in week 47 of 2023, the Oslo Børs Fish Pool Price Status reported.

The average price of a kilogram of Atlantic salmon farmed in Norway has increased NOK 5.18 (USD 0.47, EUR 0.44), or 6.59 percent, over the past week, according to The Nasdaq Salmon Index.

The index, which provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway, found the average per-kilogram price of salmon has increased NOK 6.08 (USD 0.56, EUR 0.51) over the past four weeks, and is up 16.36 percent, or NOK 11.77 (USD 1.08, EUR 1.00) over the past 12 weeks.

The Norwegian Salmon Council's weekly report on Norwegian seafood exports, meanwhile, indicated that the country exported 22,963 MT of salmon and trout. The largest volume of salmon was exported to the E.U., with 17,472 MT, less than the 17,721 MT in the same week of 2022. 

In Europe, Poland received 4,438 MT of Norwegian salmon, down from last week’s 4,833 MT; France imported 2,663 MT, up from 2,325 MT; Denmark imported 2,138 MT, up from 1,751 MT; the Netherlands imported 1,849 MT, down from 2,039 MT; the United Kingdom imported 1,521 MT, up from last week’s 1,206 MT; Spain imported 1,425 MT, down from 1,539 MT; and Italy imported 1,365 MT, up from 1,357 MT.

China received 856 MT, down from last week’s 897 MT, and the U.S. imported 439 MT, up from last week’s 374 MT.

One- to 2-kilogram salmon accounted for 0.26 percent of total sales, with an average price of NOK 71.33 (USD 6.52, EUR 6.04), an increase of NOK 5.88 (USD 0.54, EUR 0.50) over last week, Fish Pool reported. Two-to-3-kilogram salmon accounted for 9.46 percent of total sales, and sold for an average of NOK 76.36 (USD 6.98, EUR 6.47), up NOK 2.74 (USD 0.23, EUR 0.21).

Salmon in the 3- to 4-kilogram range comprised 26.43 percent of all fish sold and had a per-kilogram average price of NOK 82.10 (USD 7.51, EUR 6.95), an increase of NOK 4.30 (USD 0.39, EUR 0.36). The 4-to-5-kilogram category, comprising 31.42 percent of total sales, saw its average price increase by NOK 4.64 (USD 0.42, EUR 0.39), to NOK 83.73 (USD 7.65, EUR 7.09).

Norwegian salmon between 5 and 6 kilograms, representing 21.31 percent of total sales, increased to an average per-kilogram price of NOK 85.51 (USD 7.81, EUR 7.24), up NOK 5.76 (USD 0.53, EUR 0.49), while 6- to 7-kilogram salmon, which accounted for 8.09 percent of the total distribution, sold for an average of NOK 89.62 (USD 8.19, EUR 7.59), an increase of NOK 6.14 (USD 0.56, EUR 0.52). The price of salmon weighing between 7 and 8 kilograms increased to NOK 92.51 (USD 8.45, EUR 7.83), and made up 2.35 percent of the total distribution. Salmon in the 8- to 9-kilogram range increased the most week over week, rising from NOK 8.23 (USD 0.75, EUR 0.70) to NOK 98.07 (USD 8.96, EUR 8.30). 

Fish Pool reported December's future pricing was flat remaining at NOK 85.50 (USD 8.02, EUR 7.30) the same as last week. The next few months were also reported flat at NOK 105.90 (USD 9.67, EUR 8.97), February NOK 109.60 (USD 10.01, EUR 9.28), and March at NOK 111.20 (USD 10.15, EUR 9.42).

Q1 of 2024 was reported at NOK 108.90 (USD 9.92, EUR 9.21), Q2 at NOK 112.10 (USD 10.21, EUR 9.48), Q3 predicted with a decline at NOK 84.53 (USD 7.70, EUR 7.15), and Q4 at NOK 85.87 (USD 7.82, EUR 7.26).