Prices recover after weeks of decline.
Norwegian salmon spot prices are expected to recover in week 25 after several weeks of weakness. Market analysts forecast prices of around EUR 6.18/kg (USD 7.15/kg), up from approximately EUR 5.72/kg (USD 6.62/kg) the previous week. With two weeks remaining in Q2 2026, volume-weighted quarterly prices are tracking at approximately EUR 6.63/kg (USD 7.68/kg).
The improvement comes despite continued high harvest volumes. Norwegian farmers harvested around 31,000 tonnes in week 23, up 5% from the same period last year. Demand has so far remained resilient. Rolling four-week export value measured in euros is running 10.6% ahead of last year, suggesting the market has continued to absorb additional supply despite lower prices through much of the quarter.
Costs moving the other way
While salmon prices appear to be stabilising, feed cost pressures continue to build. Peru’s anchovy fishing ban has been extended indefinitely as authorities grapple with persistent warm-water conditions and a high proportion of juvenile fish in the stock.
The disruption is tightening global marine ingredient markets. Global fishmeal production in April was 21% lower than a year earlier, while fish oil production fell 19%.
Peruvian fish oil prices have risen to USD 6,800 per tonne, up 172% year on year, while fishmeal has reached USD 2,690 per tonne, up 102%. Market analysts expect the tightening supply picture to result in higher feed prices during the second half of 2026, potentially increasing production costs into 2027.
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.