Following a dip in the third week of October, salmon prices last week (Week 44) were trading in the NOK 73 ($6.64 / €6.76) to NOK 74 ($6.75 / €6.87) range.
A salmon farmer from Northern Norway confirmed the price range in the mid-70s.
“Yes, I’ve sold 4-6 kg at NOK 76 ($6.93 / €7.06),” he reported, noting, “In fact, it’s slightly higher.”
Others in the industry have noticed that spot prices are maintaining their course.
“In Oslo, we currently have an abundance of unsold fish, primarily from major suppliers. We can secure clean truckloads at 3-6 kg. The price for 3+ is quite similar at NOK 74 ($6.75 / €6.87) for northern producers,” commented an exporter. “It’s a stable situation,” he added.
“The market has set a limit on what they are willing to stock. Given our current storage capacity, we are heavily reliant on storing fish until the first half of the year. Much of the fish being sold now will not be consumed immediately but will be placed in storage,” said one supplier.
“Customers are not inclined to freeze more at higher prices. They have assessed what they can afford to pay for fish destined for the first half of the year, factoring in the expenses associated with freezing, storage fees, and more,” he explained.
Packaging plants along the Norwegian coast are also reporting high activity.
“They are maintaining a healthy volume for the remainder of the year, as expected,” said a source.
Anticipated Price Increase
The market is still being influenced by a surplus of unsold fish, according to one trader.
“Yes, I have recently made purchases at these prices: 3-4 kg at NOK 74 ($6.75 / €6.87), 4+ at NOK 75 ($6.84 / €6.98). Prices have slightly declined in the past couple of days, reflecting the oversupply,” he stated.
As November progresses, salmon prices are expected to undergo seasonal increases. Fish Pool’s forward prices are projected to reach NOK 79 ($7.21 / €7.36) in November, rising to NOK 87 ($7.94 / €8.11) in December.
For the first and second quarters of 2024, average prices are anticipated to exceed NOK 100 ($9.13 / €9.33) per kilogram, according to Fish Pool.