Norwegian salmon prices creep back up in week 42 of 2023

The Nasdaq Salmon Index has shown that the average price of a kilogram of Atlantic salmon farmed in Norway increased by NOK 4.49 (USD 0.40, EUR 0.38) 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 10.22 (USD 0.91, EUR 0.86) over the past four weeks. Over the last 12 weeks, the price has risen NOK 2.72 (USD 0.24, EUR 0.23).

In week 42 of 2023, Norway exported a total of 24,609 metric tons (MT) of salmon, down from 25,004 MT exported in the corresponding week of 2022, and from the 24,679 MT Norwegian suppliers exported overseas in week 41.

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 19,569, which is down from last week’s total of 19,680 MT.

In Europe, Poland received 6,151 MT, which is up from last week’s total of 5,246 MT; the Netherlands imported 2,410 MT, down from 2,621 MT; France imported 2,297 MT, down from 2,365 MT; Denmark imported 1,981 MT, down from 2,632 MT; Spain imported 1,640 MT, down from 1,658 MT; Italy imported 1,444 MT, up from 1,418 MT; the United Kingdom imported 1,349 MT, up from1,222 MT; and Lithuania imported 936 MT, up from 600 MT.

China received 710 MT, an increase from last week’s 600 MT of salmon and trout from Norway, and the U.S. imported 417 MT, which is less than last week’s 465 MT.

One- to 2-kilogram salmon accounted for 0.31 percent of total sales, with an average price of NOK 65.80 (USD 5.88, EUR 5.56), an increase of NOK 10.86 (USD 0.97, EUR 0.92) over last week. Two-to-3-kilogram salmon accounted for 9.44 percent of total sales, and sold for an average of NOK 78.34 (USD 7.00, EUR 6.62), up NOK 8.09 (USD 0.72, EUR 0.68).

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 32.42 percent of total sales, saw its average price increase NOK 2.55 (USD 0.23, EUR 0.22) from last week.

Salmon between 5 and 6 kilograms, representing 22.65 percent of total sales, reached an average per-kilogram price of NOK 85.39 (USD 7.46, EUR 7.07), up NOK 2.95 (USD 0.26, EUR 0.25), while 6- to 7-kilogram salmon, which accounted for 6.85 percent of the total distribution, sold for an average of NOK 87.54 (USD 7.82, EUR 7.40) – an increase of NOK 3 (USD 0.26, EUR 0.25). The price of salmon weighing between 7 and 8 kilograms increased to NOK 88.79 (USD 7.93, EUR 7.50), and made up 1.65 percent of the total distribution.

Fish Pool reported future prices are also trending positive, showing an increase across the board. November's futures pricing increased to NOK 82.50 (USD 7.37, EUR 6.97) from last week’s NOK 80.00 (USD 7.23, EUR 6.86). December's future pricing also increased to NOK 88.10 (USD 7.87, EUR 7.44) from last week’s NOK 86.50 (USD 7.82, EUR 7.42). Futures pricing for Q4 2023 has increased to NOK 84.37 (USD 7.54, EUR 7.13) from last week’s NOK 83.00 (USD 7.50, EUR 7.12). 

Photo courtesy of Mironov Vladimir/Shutterstock