Norwegian salmon spot price jumped by NOK 15.15 last week

The last week of 2023 saw a huge jump in the price of Norwegian farmed salmon, which increased by NOK 15.15 per kilo to NOK 99/kg (£7.57/€8.77) in week 52, figures from industry statistics provider Akvafakta show.

That price was NOK 12.48/kg more than the same week in 2022, and while it wasn’t a record high, 2023 did set a record for the average price for the year - at least in Norwegian kroner.

The average weekly spot price for salmon (unweighted for weekly volumes) in 2023 was NOK 92.32/kg. That is NOK 10.37/kg or 12.7% above the 2022 price of NOK 81.95/kg.

However, the krone exchange rate against the euro for 2023 was 13.1% weaker (NOK 11.42 in 2023 against NOK 10.1 in 2022 – source Norges Bank). This means that, measured in euros, the average spot price was more or less the same in the two years.

Mostly higher

The spot price at weekly level in 2023 was lower than the corresponding week in 2022 only eight times spread over three periods. The longest period below was from week 24 to week 28, where it was at worst NOK 21.09/kg below the same week in 2022.

The largest positive deviation from 2022 was found in week 11, when the price was NOK 47.72 over the same week the previous year. This was also the week when the salmon price was at record high of NOK 126.53/kg.

The lowest spot price of the year was in week 35, when fresh Norwegian salmon fetched NOK 69.67/kg.