Salmon prices hit Easter record

Norwegian fresh prices climbed to their highest level on record last week, with industry analysts speculating they may well have some way more to go.

According to Statistics Norway, they surged by over 10%, peaking at NOK 93.21 a kilo (£8.11) in week 14, but the reality is that large salmon were selling at well over than NOK 100 a kilo (£8.70).

It is less than a year ago that fresh prices were averaging around NOK 64 a kilo (£5.57) which means they have almost doubled.

Industry leaders are saying they have not seen anything like it in all their time in the business.

Salmon companies will certainly be enjoying a larger than usual Easter egg this year. Last week Grieg reported Q1 production costs of just NOK 42 a kilo (£3.65) at their Rogaland, Norway farms, indicating a near doubling of profits.

Exports also surged by 1,600 tonnes to 17,628 tonnes, partly thanks to the approach of the Easter holiday.

However, a major factor is scarcity of supply, which is expected to be the situation for the next few months.

The Norwegian Seafood Council said the surge in prices was down to a combination of high demand and a smaller amount of fish being slaughtered. Exceptionally cold weather a few months ago has also played a large part.

With the exception of Shanghai in China, restaurants across most part of the world have reopened, fuelling demand.

Prices should settle after the holiday back next week, however they are expected to remain at fairly high levels for some time to come. They have yet to feed through to consumers, which may also have a dampening effect.

The impact of the war in Ukraine is now thought to be having only marginal effect.

Frozen salmon prices have remained relatively stable, averaging NOK 83 a kilo (£7.21) last week.