Fresh salmon prices drop by 11%

The export price of  Norwegian fresh salmon plunged by more than 10% last week, according to the latest figures.

A sharp drop had been widely predicted but levels are now close to those at the start of the year, which is very unusual.

Statistics Norway, which collects data on a regular basis,  said the export price fell by NOK 11.29  (around 83p) per kilo to NOK 89.46 (£6.57)per kilo in week 25.

The last time prices were around this level was around the middle of January when they rose from NOK 84.48 (£6.20) to NOK 94.98 (£6.98) per kilo.

Export volumes dipped slightly last week but they appear to be holding up  reasonably steady despite falling  demand from Europe with sales to the United States and the Far East making up some of the gap.

Overseas sales last week totalled 16,792 tonnes, a decline of 3.3%, the seventh highest total so far this year.

Frozen salmon prices rose slightly last week, up from NOK 98.81 per kilo to NOK 101.43 (£7.45) per kilo. Sale volumes dropped by more than half, however, down from 337 tonnes to 139 tonnes.

Some analysts are predicting that fresh salmon prices will continue to decline for a while, although there are reports of a mini revival in the past few days. Prices normally drop down at this time of year.

Guessing market trends is a risky business, but it appears that the heady days of three months ago appear to be over for the time being.