October 26, 2022

Norwegian salmon prices decline towards the end of October

Prices of salmon in Norway are weakening towards the end of this month as slaughter numbers increase due to tax considerations, Fish Information & Services reported.

A trader said prices have dropped by NOK 2 (~US$0.19; NOK 1 = US$0.095) to NOK 4 (~US$0.38) to NOK 67 (~US$6.39) to NOK 68 (~US$6.48) and the increased harvests could mean that supplies will be tighter in the winter.

Another trader said salmon prices for 3 to 6 kg are between NOK 67 (~US$6.39) to NOK 70 (~US$6.67).

Salmon trade is dominated by European buyers. Another trader said the public holidays on October 31 and November 1 coincide with Halloween or Thanksgiving, which is observed in many European nations, and they fall toward the end of the week.

He said most businesses are closed on Monday and Tuesday. They won't be interested in fish until next Wednesday so the picture is somewhat complex.

Others desire constant prices. One farmer said they were offered between NOK 68 (~US$6.48) to NOK 70 (~US$6.67) for 3 to 6 kg.

A second farmer also anticipates farmgate prices of about NOK 70 (~US$6.67).

He points to realistic price levels of NOK 68 (~US$6.48) to NOK 71 (~US$6.77) and said they are trying to get more, but are probably about to give up the fight.

He also said it is challenging to predict prices, adding that how much less is killed elsewhere when more is killed here because of taxes and how much is currently being frozen? He said it is because a lot of people believe Q1 will be completely wild.

-      Fish Information & Services