Salmon prices surge as storms batter the coast

by
Aslak Berge

Coastal storms have driven salmon prices to their highest level in six weeks.

SalmonBusiness collects spot prices for salmon every Friday after lunch. This is fish for delivery the following week.

“Due to the bad weather, there have been some disruptions, which have led to a bit of a price hike. We’re seeing increases around NOK 3-4 (USD 0.28 – 0.37 / €0.26 – 0.34),” an exporter explained to SalmonBusiness.

Current estimates suggest salmon prices are around NOK 80 (USD 7.44 / €6.80) for the 3-5 kilo range. “Some areas, particularly in the north, are experiencing slightly lower rates, just below NOK 80,” he continued.

After four consecutive weeks of declining prices, this recent increase marks a notable shift in the market trend.

“I’m not convinced we’ll see such high prices. It’s more likely to be around NOK 77-78 (USD 7.16 – 7.25 / €6.55 – 6.63),” shared another exporter.

“For larger fish, over 6 kilos, prices might exceed NOK 80, but generally, I’m hearing about NOK 78 (USD 7.25 / €6.63) and above. It’s a challenging market,” a third exporter added.

He also noted the upcoming peak processing weeks: “As we approach weeks 48 and 49, there’s likely to be a significant release of fish.”

A producer pointed out a mix of factors influencing the market: “It’s not only the weather. There’s also stronger demand as we head into weeks 48, 49, and 50. Plus, the current euro exchange rate is favorable.”

The pre-holiday season is crucial for salmon sales. “We’ve reduced our volume and are waiting to see how the market develops,” another farmer told SalmonBusiness.

He provided specific prices: 3-4 kg at NOK 79 (USD 7.35 / €6.71), 4-5 kg at NOK 80 (USD 7.44 / €6.80), and 5-6 kg at NOK 81 (USD 7.53 / €6.89).

“The storms are the main cause of these disruptions, leading to cancellations and delays in transportation,” he concluded, highlighting the weather’s significant impact on the salmon market.

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