Salmon price rise opens door to Christmas

Salmon prices have risen in the past week, signalling that the Christmas rush is about to begin.

But Norway has been experiencing a drop in exports since that the start of the month which could suggest that because of market uncertainty, buyers are waiting longer before placing orders.

The latest figures from Statistics Norway show that during Week 41 the price of fresh salmon rose by 5.5% to NOK 58.39 per kilo and almost NOK 10 higher than the same week a year ago when it peaked at NOK 48.58 per kilo.

In contrast exports of fresh salmon in Week 41 this year were down by 5% to 24,509 tonnes and is the third successive weekly fall.

The corresponding figure for Week 41 last year when the pandemic was still having a massive impact on markets was even lower at 22,478 tonnes.

The price of frozen salmon was down by just over a kroner to NOK 55.85 but the export total rose from 733 tonnes to 806 tonnes.

However, the industry is confidently expecting business to be much improved on a year ago and prices are likely to go higher before the end of the year.

The prices quoted includes all weight classes, qualities and all fish sold, including the one that has been sold on contract. The reported price is the price at the border, and includes, among other things, shipping and terminal costs.

It should also be pointed out that the price farmers are paid is usually around NOK 1.5 lower per kilo than the Statistics Norway price, according to the Mowi “Salmon Farming Industry Handbook 2021”.