Norwegian salmon prices jump more than 7 percent week over week

A salmon fillet on a bed of garnish
A salmon fillet on a bed of garnish | Photo courtesy of HandmadePictures/Shutterstock
2 Min

Norwegian salmon prices increased 7.53 percent week over week in the eighth week of 2024, after remaining flat the previous week.

According to the Nasdaq Salmon Index, which 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 eighth week of 2024 reached NOK 116.69 (USD 11.02, EUR 10.17) from 108.52 (USD 10.52, EUR 9.46), marking an increase of NOK 8.17 (USD 0.77, EUR 0.71).

The index reported the average per-kilo price of Norwegian salmon is up by NOK 11.27 (USD 1.06, EUR 0.98) over the past four weeks and up NOK 32.96 (USD 3.11, EUR 2.87) over the past 12 weeks.

Salmon between 1 and 2 kilograms accounted for 1.38 percent of total sales and reached an average price of NOK 76.76 (USD 7.25, EUR 6.69), which is up from NOK 75.03 (USD 7.15, EUR 6.62) per kilogram. Salmon between 2 and 3 kilograms accounted for 14.28 percent of total sales and sold for an average of NOK 96.06 (USD 9.07, EUR 8.37), totaling a NOK 6.06 (USD 0.57, EUR 0.53) increase week over week.

Salmon in the 3- to 4-kilogram range comprised 18.43 percent of total fish sold, which is down from 20.12 percent, and had a per-kilo average price of NOK 111.42 (USD 10.52, EUR 9.71).

The 4- to-5-kilogram category, comprising 21.89 of total sales, which is down from  25.15 percent, had its average week-over-week per-kilo price increase by NOK 8.60 (USD 0.81, EUR 0.75), reaching NOK 118.80 (USD 11.22,EUR 10.35) from NOK 110.20 (USD 10.50, EUR 9.71).

Norwegian salmon between 5 and 6 kilograms made up 29.84 percent of sales, and prices in the category increased NOK 6.55 (USD 0.62, EUR 0.57) to an average per-kilo price of NOK 124.71 (USD 11.77, EUR 10.86) from NOK 118.16 (USD 11.26, EUR 10.41). Salmon in the 6- to 7-kilogram category made up 11.12 percent of market sales and sold for an average of NOK 126.66 (USD 11.96, EUR 11.03), up NOK 5.15 (USD 0.49, EUR 0.45) week over week. 

Salmon weighing between 7 and 8 kilograms reached an average per-kilo price of NOK 129.86 (USD 12.26, EUR 11.31), which is up from NOK 122.28 (USD 11.64, EUR 10.77), while salmon in the 8- to 9-kilogram range increased NOK 0.70 (USD 0.07, EUR 0.06) to reach NOK 143.60 (USD 13.56, EUR 12.51).

Futures pricing for February increased slightly to NOK 114.50 (USD 10.81, EUR 9.96) from NOK 112 (USD 10.66, EUR 9.86), European salmon exchange Fish Pool reported. March's futures pricing remained flat at NOK 112.70 (USD 10.72, EUR 9.93). Both April and May’s futures prices are reported at NOK 117 (USD 11.04, EUR 10.19), while June’s future prices declined to NOK 110.90 (USD 9.52, EUR 8.79). 

Q2 2024 futures pricing slightly declined to NOK 114.97 (USD 10.85, EUR 10.01) from NOK 115.57 (USD 11.00, EUR 10.18).

The Norwegian Salmon Council's weekly report on Norwegian seafood exports showed the country exported 10,751 metric tons (MT) of salmon and trout in the eighth week of 2024, down from 13,738 metric tons (MT), and also down from the 14,896 MT the country exported in the same week of 2023.

The largest market for Norwegian salmon was European countries, which bought 7,489 MT, marking a decrease from the prior week’s 10,751 MT.

France imported 1,235 MT, which is down from 1,351 MT in week eight; Poland received 1,204 MT, which is down from 2,279 MT; Spain imported 1,004 MT, which is a drop from 1,047 MT; Denmark imported 980 MT, down from 2,279 MT; Italy imported 882 MT, down from 982 MT; the Netherlands imported 694 MT, down from 1,351 MT; and the U.K. imported 694 MT, up from 686 MT.

Elsewhere, China received 564 MT of Norwegian salmon in the week, down from 666 MT the week prior, and the U.S. imported 53 MT, down from 57 MT.

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