September 5, 2007

Fish prices rise in Nordic countries

Fish prices from Nordic countries are rising, even before new quota cuts and other restrictions kicks in, a Glitnir Bank report said.

The report also gave a clean bill of health to seafood companies.

In Iceland, fish prices rose slightly in July.

The Bank says that product prices in foreign markets are at a historical high and have risen by almost 10.6 per cent in the last 12 months.

Measured in Icelandic krona, product prices in July remained unchanged from the previous month because of the krona's recent appreciation. In the past year, product prices have fallen by 6.8 percent, measured in krona.

The report said external conditions for seafood companies are reasonably favourable. However, the appreciation of the krona has in the past two weeks has offset the benefits of high product prices abroad.

Exchange-rate forecasts assume that the krona will be a little weaker next year, the report said. The cod quota next year would bring about a degree of uncertainty to the market.

M&J, one of the biggest foodservice fish suppliers, is introducing a relatively new species to the market, the

Arctic Charr. The species is of the most northerly freshwater species successfully farmed in Iceland. Arctic Charr can be produced all year round and is similar in taste to salmon and trout.