Salmon prices up in volatile market

Salmon prices are continuing to rise, in a market that has shown big contrasts in movement over the past couple of weeks.

The average export price of fresh salmon increased by 2.1% to NOK 66.05 per kilo during week 29, according to Statistics Norway. This is the third highest figure so far this year. The price includes all weight classes, qualities and fish that has been sold on contract.

It follows an increase of just over 8% on the previous week (Week 28) to NOK 64.69 a kilo. But within a few days of hitting that level, the Norwegian trade press and others were reporting a big slump in spot prices, which often differ from export prices. One report suggested they were down between 10 and 15 kroner per kilo. However, it appears to have been a brief interlude.

July can be a difficult month for salmon prices. They usually fall back during high summer because much of Europe traditionally takes off on holiday. However, the pandemic means travel opportunities are more restricted this year, with many people choosing to stay in their own countries rather than risk getting trapped abroad. This could be one of the reasons why exports have been increasing during the past few months.

Statistics Norway says that fresh or chilled overseas sale rose by 13% in week 29 to 19,289 tonnes. Frozen salmon exports were slightly down at 462 tonnes, but the price at 60.82 per kilo was up on the previous week’s figure of 58.02 a kilo.