Salmon prices on the march again

Fresh salmon prices in Norway are starting to rise sharply again, according to the latest figures from Statistics Norway which monitors trends on a weekly basis.

During week 4 prices rose by 4.6% to NOK 104.48 per kilo (£7.87) and that was for the period before the storms in the north of the country hit this week.

With supplies from the north severely restricted, these storms – including Storm Ingunn which has also affected the north of the UK – could lead to another price spike.

The highest figure so far in 2024 is NOK 112.90 per kilo (£8.50) in the first week of the year but the salmon market could exceed that figure next week.

Demand remained firm last week with export volumes at 15,342 tonnes, a rise of 4.9% from the previous week.

Frozen salmon prices dropped by around five kroner to NOK 86.97 per kilo (£6.55) on slightly higher export volumes of 374 tonnes.

The price quoted 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, among other things, shipping and terminal costs.

Meanwhile, northern Norwegian fish firms were battening down the hatches again today as the storms which have halted production since Sunday night continues to ravage the region.

The winds – which have reached hurricane strength at times – are expected to be so powerful that the authorities have issued a red danger warning.

Even if production was possible, there is no way of getting fish out with roads blocked and ferry and air services at a standstill. Heavy rain in some parts has been turning to snow.

Among the areas worst affected are Vestland, Møre and Romsdal and the Trøndelag and Helgeland coasts.