Salmon prices off to a New Year flyer

Salmon prices in Norway shot up last week to a record level for the New Year period. Fresh fish was selling at NOK 112.90 a kilo (£8.68), just a fraction short of the record price of NOK 122.8 kroner during the whole of last year. This represents an increase of 12.1% on the previous week.

The latest figures from Statistics Norway for week one of 2024 suggest that salmon prices are likely to remain very high for much of this year.

Demand normally tails off after Christmas, but this time it has remained strong with volume sales up by around 1,660 tonnes to 12,105 tonnes, an increase of 15.9% on the previous week.

Statistics Norway also points out that it is common for prices and net weight to vary greatly during the Christmas and New Year weekend.

It is too early to tell if the momentum will be maintained over the next few weeks, but the indications are that salmon prices will remain high during 2024.

Demand from key markets such as the United States and China remain robust while European markets are stabilising.

This is good news for the salmon companies, many of whom will be facing higher tax bills and a continued increase in production costs in the coming months.

Exports were strengthened last year thanks to a weakening krone, but the currency has started to show a slight recovery over the past few weeks.

The price includes all weight classes, qualities and all traded fish, including that which has been sold under contract. The reported price is the price at the border, and includes shipping and terminal costs.