Salmon prices on the rise again

Salmon prices in Norway appear to be on the rise again after a period of relative stability.

Last week (week 8) figures from Statistics Norway, which monitors prices on a weekly basis, fresh salmon reached NOK 111.25 per kilo (£8.31), the second highest level so far this year and an increase of 3.2% on the previous week.

In fact the price was just a few cents lower than the NOK 112.90 per kilo (£8.44) which surprised everyone because it was after the Christmas period, in the first week of the new year when demand is usually limp.

Some of this recent price rise may be due to the severe storms which battered Norway last month, leading to major shutdowns at the farms and a consequently large reduction in output.

The week eight export total, at 10,687 tonnes, was down from 15,800 tonnes two weeks earlier. The latest figure was much lower than usual, suggesting the storms had a major effect on production.

Frozen salmon continues to make up a very small proportion of Norwegian export volumes, but this was up by just over 100 tonnes to 471 tonnes. The price dropped by around NOK 6 to NOK 82.34 per kilo (£6.15).

It is still anyone’s guess as which way salmon prices will rise this year, but most analysts expect them to remain on the high side.

Demand from overseas, especially the United States and China, remain firm and that situation is likely to continue.

Salmon sales to Europe, notably France and Italy, are picking up again after a lean period last year.