Norwegian salmon prices down to lowest level for two years

Fresh salmon prices fell to their lowest level for two years in Norway last week. More importantly, they were close to production costs, suggesting there is currently little or no profit from output.

According to Statistics Norway, which monitors prices on a weekly basis the average price for week 40 was NOK 66.70 per kilo (£4.74). The figures also include fish sold under contract and all weight classes.

The last time they were below that level was in the autumn of 2022 when costs were a great deal lower.

Export volumes were also down last week felling to 26,543 tonnes against 29,238 tonnes a week earlier. This represents a reduction of 9.2% in just seven day.

Frozen salmon prices fared somewhat better rising by just over NOK 6 to NOK 78.32 per kilo (£5.57). Export volumes were also well up – from 578 tonnes to 987 tonnes, the highest volume so far this year.

A number of companies have also been increasing their purchases of fresh salmon and freezing it for future use.

The brighter news for Norway’s salmon farmers is that the bottom may have been reached when it comes to prices.

Reports suggest that they have been starting to climb back up after the summer long slump.

This usually takes place in the week approaching Christmas peak demand period and it will be interesting to see how high they go.

It is hoped the lower wholesale prices will also be reflected by prices in the shops to encourage consumers still facing domestic inflationary pressures.