Prices edge lower as supply continues to surge.
Norwegian salmon prices edged lower in week 26 as record export volumes continued to weigh on the market, although demand remained strong enough to absorb the additional supply.
The export price fell to EUR 5.47/kg (USD 6.24/kg), down around EUR 0.09/kg from the previous week, according to analysts. Despite the week-on-week decline, prices remain broadly in line with the same period last year even as production has increased significantly.
Norway exported 37,297 tonnes of salmon during the week, up 19.1 percent from a year earlier and 3.6 percent from the previous week. The figure marks the highest weekly export volume ever recorded during the second quarter.
Demand remained resilient despite the higher availability of fish.
Exports to Norway’s six largest EU markets increased 8 percent year on year on an eight-week rolling basis, while shipments to destinations outside the EU rose 10 percent. Exports to China, Hong Kong, Vietnam and Taiwan climbed 23 percent over the same period.
Export value reached EUR 214 million (USD 244 million), up 20 percent from the same week last year and 0.5 percent higher than the previous week.
Weekly exports are now approaching what has historically been Norway’s effective production and licensing ceiling of around 40,000 tonnes. With shipments already exceeding 37,000 tonnes, the market has little room for further supply growth without additional capacity.
If demand continues at current levels through the coming weeks, the market is expected to absorb the elevated production, with demand growth likely to play a key role in determining the direction of salmon prices.
Each week, SalmonBusiness gathers salmon price forecasts from industry analysts for the week ahead. Unless otherwise stated, prices refer to Superior 3–6 kg salmon, per kilo FCA Oslo, converted using the day’s average exchange rate.
