Salmon prices drop back to autumn low

Figures from Statistics Norway, which monitors price trends on a weekly basis, say the salmon price is now down to NOK 87 per kilo (£6.30) – and the trend may have further to go.

 

The salmon market has been in a sluggish state for a few weeks now, almost certainly aggravated by what is happening with the Canadian seafood sector over the threat of US tariffs and general economic uncertainty.

 

According to Statistics Norway fresh salmon they fell by around NOK 5 per kilo in just a week. It is a huge contrast with the situation just over two months ago when the price hit NOK 125 per kilo (£9.05) in the first week of the year.

 

No-one expected them to stay at that level but the general feeling was that salmon prices would continue to remain high.

 

The market has been in a state of flux, due initially to distribution problems resulting from severe weather, but the Trump tariff war is creating a general state of depression which is impacting on consumer spending.

 

Also, a sizeable proportion of Norwegian salmon is sold directly to processors in Europe so what will happen if Trump decides to extend his tariff assaults to seafood is anyone’s guess.

 

The one bright note is that exports levels remain strong. Statistics Norway said they totalled 17,116 tonnes last week 1,000 tonnes lower than the previous week but still the second highest figure so far this year.

 

Frozen salmon prices jumped sharply from NOK 79.50 (£5.76) to NOK 93.43 (£6.76) per kilo, with volumes slightly higher at 538 tonnes.