Salmon price slide continues

Norwegian fresh salmon prices continued to slide over the past week, amid predictions they probably have further to go.

Figures for week 31 from Statistics Norway show they fell by NOK 2.86 to NOK 83.28 (£6.41) per kilo – a decline of 3.3%.

The previous week fresh prices hit their lowest level of the year, but now they are down again.

A number of analysts are suggesting that price levels will continue downward for a few weeks yet.

It is too early to tell if this trend is being reflected in retail prices, but the good news is that export volumes are continuing to rise at a time of year when demand is traditionally quite weak.

Norway’s salmon farmers exported 20,469 tonnes last week, the largest weekly volume so far this year and 4.4% up on the previous week. The increased volumes are probably the main reason prices are in decline.

Demand from China and the United States remains strong and there are signs that the European market is starting to pick up again.

A look back to a year ago shows a similar pattern of falling prices, but strong demand. Then, fresh salmon was selling at NOK 73.83 (£5.69) per kilo.

However, there was no indication then of the salmon tax shock yet to come, and production costs were much lower. The new tax is effective from January this year, but companies will not start paying it until 2024.

Frozen salmon prices remain stable at NOK 96.95 (£7.47) a kilo with volumes up slightly to 302 tonnes.