Salmon prices down – for the fourth week in a row

by
Aslak Berge

Prices remain under pressure.

All industry sources that SalmonBusiness spoke to after lunch on Friday report declining spot prices.

“We’ve had a round now, and what we are seeing is,” says an exporter, before listing:

  • 3-4 kg: NOK 66-68 ($6.20-$6.39/€5.61-€5.78)
  • 4-5 kg: NOK 68-70 ($6.39-$6.58/€5.78-€5.95)
  • 5-6 kg: NOK 70-72 ($6.58-$6.77/€5.95-€6.12)
  • 6+ kg: NOK 75-80 ($7.05-$7.52/€6.38-€6.80)

“Although it is most likely to end up in the lower range of this,” he admits.

Volume-Based

This means a price drop.

“A slight decline. It’s somewhat volume-based. There is a lot of volume. Good growth, I think.”

Others see lower prices for next week.

“There has been quite a bit now – down,” says another exporter to SalmonBusiness. He lists the following prices:

  • 1-2 kg: NOK 48 ($4.51/€4.08)
  • 2-3 kg: NOK 55-57 ($5.17-$5.36/€4.68-€4.85)
  • 3-4 kg: NOK 64 ($6.02/€5.44)
  • 4-5 kg: NOK 65 ($6.11/€5.53)
  • 5-6 kg: NOK 67 ($6.30/€5.70)
  • 6+ kg: NOK 70-75 ($6.58-$7.05/€5.95-€6.38)

“Terrible pressure on 1-4. There’s pressure on everything, really. There’s a lot of fish. And it’s quiet in Europe during the summer. It’s typical that at this time of year, a lot of fish come in, and we don’t have the channels to move the fish. There aren’t as many freezing as last year.”

Is it becoming attractive to freeze fish (for later sale) at these prices?

“We’re not planning to freeze. They’ve decided to go quite low before they start storing. It’s expensive to hold inventory. Everything has become so expensive,” he points out.

Summer Vacation

“Europe is running at half capacity. It’s summer vacation in Europe. This is biology and good growth. Fluctuations we have every year.”

An exporter mentions the following prices:

  • 2-3 kg: NOK 56-57 ($5.27-$5.36/€4.76-€4.85)
  • 3-4 kg: NOK 65-66 ($6.11-$6.21/€5.53-€5.61)
  • 4-5 kg: NOK 66-67 ($6.21-$6.30/€5.61-€5.70)
  • 5-6 kg: NOK 70-72 ($6.58-$6.77/€5.95-€6.12)
  • 6+ kg: Around NOK 80 ($7.52/€6.80)

“There’s not much of the 6+ size. Many are asking for it,” he says before he has to take an incoming call.

Currency

“It’s tightening up with what’s happening in supply. Only those with their own systems can sell the fish,” says a trader.

A weak krone, trading at 11.82 against the euro, is not enough to stop the price decline.

“With the currency we have, it’s bad that the price is so low. But it’s the market that decides. So you can choose whether to participate or not,” he says, somewhat frustrated.

There’s a big change in weight. Same generation shift every year.

“There aren’t many companies with large fish available right now. Maybe Lerøy and Mowi have some, but along the coast, in the spot market, there’s little of it. There’s a lot of 2-5 kg fish coming for harvest,” he says.

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.

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