Norwegian salmon spot price hits another record high
Having surpassed NOK 100 per kilo the week before last, the spot price of Norwegian salmon rose again last week (week 15), jumping a further NOK 7.14 / kg to NOK 108.02 (£9.41) per kilo, a new record.
The price difference compared to the same week last year is NOK 48.76 / kg, which is also a new record, according to industry statistics provider Akvafakta.
While the last few weeks have seen historically high prices, the jump must be seen in light of the fact that it was Easter week with few harvest days, and that the corresponding week last year was a regular week.
Low supply, prices high
Earlier this week, Kjetil Lye, an analyst at Handelsbanken, told Fish Farming Expert’s Norwegian sister site, Kyst.no, that he expects high prices will continue in the next couple of months, due to strong demand for salmon and an estimated decline in global supply of salmon.
“We still expect high salmon prices in the time ahead, especially in the second quarter (our estimate is NOK 80 / kg),” Lye told Kyst journalist Ole Andreas Drønen.
Lye said the bank expects prices will fall seasonally in the second half of the year.
NOK 67 average in 2023-24
“The outlook for 2023-24 also looks good (our estimate is NOK 67 / kg), in our assessment.”
He pointed out that harvest volume in Norway – the world’s largest producer of farmed salmon - had fallen by about 2% in the last four weeks, compared with last year.
“With lower supply also from other large producers of salmon, this contributes to a strong salmon market,” Lye concluded.
