Balance in the Market – Near the Year’s Lowest Prices
The salmon market remains steady, with prices hovering near the lowest levels of the year, particularly for smaller fish, according to industry sources on Friday.
“There’s some stability, with 5+ kg fish up by a couple of kroner, but prices for fish under 5 kg remain more or less the same,” one buyer told SalmonBusiness. “There’s a bit of pressure on smaller fish.”
Earlier, Norwegian aquaculture news site iLaks reported a record high for salmon exports this year, with harvest volumes more typical of those seen around the peak Christmas season. However, much of the current supply is made up of smaller fish.
Pressure on Smaller Fish
The following prices were quoted for fish to be delivered in the upcoming week:
- 1-2 kg: NOK 44 ($4.14/€3.74)
- 2-3 kg: NOK 53 ($4.98/€4.51)
- 3-4 kg: NOK 64-65 ($6.02-6.11/€5.44-5.53)
- 4-5 kg: NOK 68 ($6.39/€5.78)
- 5-6 kg: NOK 73-74 ($6.86-6.95/€6.20-6.29)
- 6+ kg: NOK 85 ($7.99/€7.23)
“There’s an abundance of fish under five kilos, particularly in the 2-3 kg and 3-4 kg categories,” the buyer explained. “That’s where the pressure is. There’s competition in those size ranges.”
The situation has been exacerbated by environmental factors. “I think the lice issue and the need to harvest fish are putting added pressure on, especially in the north. Here in the south, it’s not as bad. It’s unusual – the water is warmer in the north than in the south, which is affecting things.”
Challenging Market Conditions
At the same time, the overall market is facing challenges.
“The market is sensitive right now. You notice it when you try to raise prices,” the buyer said. “A lot of the fish is being frozen in Poland because there isn’t enough freezing capacity here in Norway. And there’s not much of a market for all this frozen fish at the moment. It’s all being stored for Christmas production, and freezing is essential for that. We saw the same thing last year.”
Currency fluctuations are also adding to the complexity, with the Norwegian krone slightly weakening. “The exchange rate has dropped a bit, from 11.97 to 11.84, which is having a negative impact on prices.”
Stable Prices Confirmed
Multiple sources confirmed that prices are holding steady. “Yes, we’ve put out stable prices, and we expect to increase harvesting next week,” said one exporter, citing the following figures:
- 3-4 kg: NOK 65 ($6.11/€5.53)
- 4-5 kg: NOK 68 ($6.39/€5.78)
- 5-6 kg: NOK 73 ($6.86/€6.20)
Logistics Issues Persist
However, logistical problems are adding further strain to the market. “The situation with logistics is a nightmare, same as last year,” commented a northern Norwegian exporter. “There’s a big shortage of trucks, especially in the north. We’re still short on several vehicles.”
A trader added via text: “Prices are at NOK 64, 67, and 70. There’s a massive amount of fish right now.”
While smaller fish prices remain under pressure, some are seeing a slight uptick for larger fish. “Prices are up by a couple of kroner,” said another exporter. “There’s also a lot of harvesting in the north due to lice issues.”
SalmonBusiness gathers spot prices for salmon every Friday after lunch, tracking fish to be delivered the following week. This process involves contacting multiple entities in the value chain, including farmers, exporters, and importers. At least five independent sources are consulted, though they may not always be publicly disclosed.
