A new record was set today for annual contracts for 2023.
“Today, the annual contract for 2023 has been traded twice at NOK 80.50/kg with a total contract value of NOK 96.6 million (€9.6 million). The exchange rate EUR/NOK is 10.00, i.e. 8.05 euros/kg,” Søren Martens, general manager of salmon exchange Fish Pool, told SalmonBusiness.
The previous peak was set on 1 July, with NOK 80.25/kg. At the time, the exchange rate was NOK 10.35 (€1), i.e. EUR 7.75/kg.
“Despite the surprisingly large drop in the spot market this autumn, the buyers are willing to pay 0.30 euro/kg more for the 2023 contract today,” Martens said.
The spot price for this year currently stands at an average of NOK 82.50/kg (€8.2), given the spot price so far in 2022 and current contract prices from September to December.
“Buyers can secure themselves against further cost increases and sellers can secure an income for 2023 almost at the level of this year’s spot. At these price levels, we have managed to have more buyers than sellers,” he continued.
“Many buyers have burned themselves badly in the spot market this year, and do not dare to sell fixed price and buy spot price. The fish farmers are, as always, more concerned with getting the tops than avoiding the bottoms. A preponderance of buyers in a market also drives prices up at Fish Pool,” Martens pointed out.
