Norwegian Salmon Prices Reach Record Highs and Begin to Retrace

Norwegian farmed salmon prices, which had been soaring to unprecedented levels, have finally started to retreat, according to recent data from the NASDAQ Salmon Index. This development marks a significant shift in the market after weeks of continuous price surges. 

In the 16th week of 2024, starting from April 15th, the spot prices of Norwegian farmed salmon experienced a notable decline. The NASDAQ Salmon Index reported a 7.6% drop, reaching 126.99 Norwegian Kroner per kilogram or a 7.9% decrease when calculated in Euros at 10.90 Euros per kilogram. This decline comes after a four-week period during which prices surged by 16.5%, surpassing the previous high point reached in March 2023. The surge was primarily attributed to reduced harvesting during the Easter holiday period, affecting two consecutive weeks.

Another contributing factor to the price increase was the growing supply of secondary-grade fish, which had to be processed domestically rather than exported as whole fresh salmon. This limitation further intensified the price surge.

Within the 16th week, prices of salmon in various size ranges witnessed a decline, with larger-sized fish slightly lower in price compared to their smaller counterparts, which are more popular among consumers. Notably, the prices of 1-2 kilogram salmon dropped sharply.

According to Fish Pool, the prices in the 16th week of 2024 showed a 5.9% decline in Norwegian Kroner, amounting to 130.25 Norwegian Kroner per kilogram, and a 6.8% decrease in Euros, at 11.13 Euros per kilogram.

The export volume in the 16th week experienced a 1,249-ton (10%) decrease compared to the previous week, amounting to 11,766 tons. This marks a 27% decline compared to the same week in 2023.

Over the past five weeks, the average export volume has decreased by 17,018 tons (22%) compared to the same period last year.

About the Index:

The NASDAQ Salmon Index represents the weighted average of weekly sales prices and corresponding sales volumes reported by Norwegian salmon exporters and salmon producers with export licenses to Nasdaq Commodities. It provides an overview of Norway's overall salmon export situation.

Additionally, Fish Pool's price status report presents the export volume of fresh, gutted salmon in various size categories, including both headed and unheaded fish (excluding fillets or frozen exports).

The retreat in Norwegian salmon prices after reaching record highs is a significant development in the seafood industry. Factors such as reduced harvesting during the Easter holiday period and an increase in secondary-grade fish supply played a role in driving the prices to unprecedented levels. The recent decline in prices indicates a potential stabilization in the market. However, further monitoring of market dynamics and supply chain factors will be crucial to understanding the future trajectory of Norwegian salmon prices and its impact on the global seafood market.