Norwegian salmon prices inch up in week 12 of 2024, futures pricing stays flat

Salmon fillets surrounded by lemon wedges and granishes
Norwegian salmon prices are up in the first quarter of 2024 | Photo courtesy of nelea33/Shutterstock
2 Min

The average price of Norwegian salmon increased NOK 1.08 (USD 0.10, EUR 0.09) week over week, up 1 percent, in the 12th week of 2024, according to the Nasdaq Salmon Index, a database that provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway.

The average per-kilogram price of Norwegian salmon in the 12th week of 2024 reached NOK 108.96 (USD 10.04, EUR 9.30), which is up from the previous week’s NOK 107.88 (USD 9.94, EUR 9.21).

The index reported average per-kilo prices of Norwegian salmon are up NOK 9.22 (USD 0.86, EUR 0.79), or 9.24 percent, over the past 12 weeks since the new year began.

Salmon between 1 and 2 kilograms accounted for 0.53 percent of total sales during the 12th week of 2024 and reached an average price of NOK 81.01 (USD 7.51, EUR 6.94), increasing from week 11's NOK 75.41 (USD 7.07, EUR 6.52). Salmon between 2 and 3 kilograms comprised 8.63 percent of total sales and sold for an average of NOK 99.57 (USD 9.18, EUR 8.50), which is up from the previous week’s NOK 97.15 (USD 9.11, EUR 8.39).

Salmon in the 3- to 4-kilogram range comprised 23.07 percent of total fish sold and had a per-kilo average price of NOK 107.52 (USD 9.91, EUR 9.18), marking a nearly 1.5 percent increase week over week.

The 4- to-5-kilogram category, comprising 23.97 percent of total sales during week 12, had its average week-over-week per-kilo price increase by NOK 2.02 (USD 0.19, EUR 0.17), reaching NOK 110.99 (USD 10.29, EUR 9.51), which is up from the previous week’s NOK 108.97 (USD 9.95, EUR 9.17).

Norwegian salmon between 5 and 6 kilograms made up 23.24 percent of sales, and prices in the category increased NOK 0.67 (USD 0.06, EUR 0.06) to reach NOK 112.77 (USD 10.46, EUR 9.66), which is slightly up from week 11's NOK 112.10 (USD 10.52, EUR 9.69). 

Salmon in the 6- to 7-kilogram category made up 11.99 percent of total sales and sold for an average of NOK 109.06 (USD 10.12, EUR 9.34), which is down from week 11’s NOK 110.70 (USD 10.38, EUR 9.57).

Salmon that weighed between 7 and 8 kilograms, which accounted for 5.57 percent of total distribution, reached an average per-kilo price of NOK 107.10 (USD 9.87, EUR 9.14), increasing from the previous week’s NOK 106.19 (USD 9.96, EUR 9.18), while salmon prices in the 8- to 9-kilogram range, which comprised just 2.65 percent of sales, increased by NOK 0.92 (USD 0.09, EUR 0.08) to reach NOK 109.07 (USD 10.12, EUR 9.34).

Fish Pool, the European salmon exchange, predicts the average futures pricing of Norwegian salmon will remain stable in the coming months. March's futures pricing is reported at NOK 113 (USD 10.48, EUR 9.68), April's futures pricing remains estimated to reach NOK 116.50 (USD 10.92, EUR 10.07), and May’s prices are likely to stay flat at NOK 117 (USD 11.04, EUR 10.19). June’s predicted futures pricing remains the same as reported in week 11 at NOK 110.90 (USD 9.52, EUR 8.79).

Q2 2024 futures pricing still sits at NOK 114.80 (USD 10.75, EUR 9.91) as it did the previous week, while Q3 remains at NOK 85.85 (USD 8.04, EUR 7.41) and Q4 at NOK 87.25 (USD 8.09, EUR 7.47).

The Norwegian Salmon Council's weekly report on Norwegian seafood exports showed the country exported 13,586 metric tons (MT) of salmon and trout in the 12th week of 2024, which is down from the 14,708 MT it exported in week 11 and down from the 16,044 MT the country exported in the same week of 2023.

Norwegian salmon’s largest market remained European countries, which bought 9,643 MT, marking a decrease compared to the previous week’s 10,790 MT.

Poland received 1,940 MT, down from week 11's 2,185 MT; France imported 1,478, down from 1,548 MT; the Netherlands imported 1,197 MT, up slightly from 1,147 MT week over week; Italy imported 1,173 MT, slightly less than week 11's 1,195 MT; Spain imported 1,009 MT, down from 1,169 MT; the U.K. imported 1,002 MT, up from 969 MT; and Denmark imported 962 MT, less than week 11's 1,560 MT.

Elsewhere, China received 651 MT, less than 895 MT the week prior, and the U.S. imported 140 MT, which is more than week 11's 128 MT.

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