Salmon price hits record level

Norwegian fresh salmon prices hit a new record high last week despite an increase in overall supply.

According to Statistics Norway, they soared to NOK 120.04 or almost £9 per kilo, but this was an average figure and the price for larger five to six kilo fish was around NOK 130 (£9.60).

Prices have been climbing for the past three weeks, but it is thought they may settle back in the coming weeks.

But predicting price trends can be a difficult business as they often defy expectations. The general opinion, however, is that they will remain high because the global biomass is lower. Norwegian production has been down and both Chile and Scotland are producing less salmon at the moment.

There has also been a rise in the price of “prodfish” or product fish – salmon that has been damaged by injuries prior to sale. This category is currently the subject of a dispute between Norway and the European Union.

Statistics Norway reports that the week 14 figure represents an increase of 4.2% on week 13 when the average price was just over NOK 115 per kilo (£8.50).

Exports were also up. The overseas sales figure was 11,675 tonnes against 9,512 tonnes the previous week when markets were closed for two days due to Easter-related public holidays. Week 14 was also a short week because of the Easter Monday holiday.

Frozen salmon prices also rose but remain fairly steady and averaged NOK 90.57 per kilo (£6.70) against NOK 88.74 (£6.56) a week earlier. The export volume for frozen salmon was down by 55 tonnes to 463 tonnes.