Norwegian salmon prices down 40 percent over the past three months

Average prices for Norwegian salmon continued to decline in the 34th week of 2023.

The Nasdaq Salmon Index reported the average price of a kilogram of Atlantic salmon farmed in Norway dropped to NOK 71.19 (USD 6.74, EUR 6.17), down NOK 2.20 (USD 0.21, EUR 0.19), or 2.99 percent, week-over-week to compared to week 33.

Fish Pool reported Norway exported 24,089 MT of salmon over the past week, down from the 24,160 MT it exported in the corresponding week of 2022, but up from the 22,698 MT sold overseas the week prior.

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 has dropped 12.62 percent, or NOK 10.28 (USD 0.97, EUR 0.89). Over the past 12 weeks, average Norwegian salmon prices dropped 39.41 percent, or NOK 46.31 (USD 4.39, EUR 4.01).

By weight class, 1-to 2-kilogram salmon accounted for 1.03 percent of sales, and average prices declined by NOK 1.12 (USD 0.11, EUR 0.097) to NOK 55.83 (USD 5.29, EUR 4.84). Salmon between 2 to 3 kilograms in weight accounted for 10.15 percent of all sales and sold for an average of NOK 61.77 (USD 5.85, 5.35), down NOK 3.36 (USD 0.32, EUR 0.29). Three- to 4-kilogram salmon made up 25.53 percent of all fish sold and had a per-kilogram average price of NOK 68.85 (USD 6.52, EUR 5.96), a drop of NOK 1.51 (USD 0.14, EUR 0.13). The 4- to 5-kilogram category, comprising 37.17 percent of total sales, saw its average price fall NOK 1.54 (USD 0.15, EUR 0.13) from last week. Fish weighing between 5 and 6 kilograms, representing 19.88 percent of total sales reached an average per-kilogram price of NOK 73.22 (USD 6.93, EUR 6.34) and dropped NOK 2.49 (USD 0.24, EUR 0.22).  

Fish Pool reported August's futures pricing increased week-over-week to NOK 73.50 (USD 6.96, EUR 6.36) from NOK 73.00 (USD 6.91, EUR 6.32) last week, and futures pricing for September declined to NOK 69.75 (USD 6.60, EUR 6.04) from last week’s NOK 70.45 (USD 6.63, EUR 6.12).

October forward prices have remained the same from last week's NOK 72.00 (USD 6.82, EUR 6.23). November's futures pricing also remained the same at NOK 76.50 (USD 7.24, EUR 6.62) from last week’s NOK 77.50 (USD 7.31, EUR 6.73). December's prices declined slightly to NOK 86.30 (USD 8.17, EUR 7.47) from last week’s NOK 87.30 (USD 8.23, EUR 7.59). Futures pricing for Q4 2023 declined to NOK 78.27 (USD 7.41, EUR 6.78) from last week’s NOK 79.50 (USD 7.49, EUR 6.90). 

Photo courtesy of Lerøy Seafood