Salmon prices on the up?

After weeks in the doldrums, farmed salmon prices may be turning the corner.

Fresh and chilled salmon increased by just under five per cent last week to around NOK 50.77 per kg, according to the latest figures from Statistics Norway which closely monitors price trends in the seafood sector.

However, while prices for large salmon dipped again this week, three to four kilo fish, popular with smokers, held up. Buying has increased on the belief that fish is unlikely to get any cheaper this year. Prices have been all over the place since the beginning of the year when they peaked at around NOK75 per kg before the full impact of the coronavirus pandemic became known.

Although they dropped back as demand from the hospitality sector fell, prices remained reasonably firm right up to June when they went into decline. Salmon prices generally dip during the summer and analysts at the time suggested that the downturn would probably last for about 12 weeks.

It may be too early to tell if the last week’s upturn is a blip or the start of a longer term trend, but with Christmas approaching demand for salmon is usually at its peak which tends to lead to higher prices. With most restaurants around the world re-opening, market indicators suggest salmon will once again be making a comeback.

Norwegian exports of fresh or chilled farmed salmon during the period were 20,748 tonnes, down 0.2 per cent from the previous week. The export of frozen salmon was 408 tonnes, at a price of NOK 55.06 per kilo.

The price farmers are paid is usually around NOK 1.7 lower per kilo than the Statistics Norway price, according to Mowi\’s \’Salmon Farming Industry Handbook 2020\’.