Norwegian salmon prices flatten out after a month of increases

A piece of salmon on a plate on a wooden table.
2 Min

Norwegian salmon prices remained relatively flat week-over-week in the seventh week of 2024 after inching up over the past few weeks following a significant jump.

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 seventh week of 2024 reached NOK 108.52 (USD 10.33, EUR 9.56) a slight decrease of NOK 0.51 (USD 0.05, EUR 0.04), or .47 percent, from last week’s NOK 109.03 (USD 10.30, EUR 9.60).

The slight decline hasn't slowed salmon pricing overall, as the index reported the average per-kilo price of Norwegian salmon is up by NOK 10.99 (USD 1.05, EUR 0.97), or 11.27 percent, over the past four weeks – and up NOK 29.96 (USD 2.86, EUR 2.64) over the past 12 weeks.

Salmon between 1 and 2 kilograms accounted for just under 1 percent of total sales and reached an average price of NOK 75.03 (USD 7.15, EUR 6.62) up from last week’s 74.26 (USD 7.01, EUR 6.54) per kilogram. Salmon between 2 and 3 kilograms accounted for 16.70 percent of total sales, and sold for an average of NOK 90.00 (USD 8.58, EUR 7.94), a NOK 1.94 (USD 0.18, EUR 0.17) increase week over week.

Salmon in the 3- to 4-kilogram range comprised 20.12 percent of total fish sold, down from last week’s 23.8 percent, and had a per-kilo average price of NOK 103.35 (USD 9.84, EUR 9.10). This is up from the category's NOK 101.75 (USD 9.60, EUR 8.95) average price last week, an increase of NOK 1.60 (USD 0.15, EUR 0.14) week over week. 

The 4- to-5-kilogram category, comprising 25.15 percent of sales, had its average week-over-week per-kilo price increase by NOK 1.42 (USD 0.14, EUR 0.13), reaching NOK 110.20 (USD 10.50, EUR 9.71), up from last week’s 108.78 (USD 10.26, EUR 9.57).

Norwegian salmon between 5 and 6 kilograms made up 25.12 percent of sales, and prices declined NOK 2.98 (USD 0.28, EUR 0.26) to an average per-kilo price of NOK 118.16 (USD 11.26, EUR 10.41), down from last week’s 121.15 (USD 11.44, EUR 10.67). The next largest 6- to 7-kilogram salmon made up 7.27 percent of the market, and sold for an average of NOK 121.51 (USD 11.58, EUR 10.71), down NOK 6.03 (USD 0.57, EUR 0.53)  week over week. 

Larger sized salmon saw the largest price declines in week seven. Salmon weighing 7 and 8 kilograms reached an average per-kilo price of NOK 122.28 (USD 11.64, EUR 10.77) a NOK 12.24 (USD 1.16, EUR 1.07) decline from last week’s NOK 134.52 (USD 12.71, EUR 11.85). Salmon in the 8- to 9-kilogram range decreased NOK 11.93 (USD 1.14, EUR 1.05) in price to reach NOK 125.62 (USD 11.96, EUR 11.06), down from last week’s NOK 137.54 (USD 12.98, EUR 12.10).

Future pricing for February increased slightly to NOK 112 (USD 10.66, EUR 9.86) from last week’s NOK 110 (USD 10.38, EUR 9.67), European salmon exchange Fish Pool reported. March's futures declined to NOK 112.70 (USD 10.72, EUR 9.93) from last week’s NOK 112.75 (USD 10.65, EUR 9.89).

Q2 2024 futures pricing declined to NOK 115.57 (USD 11.00, EUR 10.18) from last week’s NOK 116.23 (USD 10.98, EUR 10.24).

The Norwegian Salmon Council's weekly report on Norwegian seafood exports showed that the country exported 13,738 metric tons (MT) of salmon and trout in the seventh week of 2024, down from last week’s 15,600 metric tons (MT), and also down from the 14,755 MT the country exported in the same week of 2023.

The largest volume of Norwegian salmon was exported to European countries, which bought 10,172 MT down from last week’s 11,924 MT.

Poland received 2,279 MT, up from last week’s 1,906 MT, Denmark imported 2,279 MT, down from last week’s 2,762 MT; France imported 1,351 MT, down from last week’s 1,514; the Netherlands imported 1,351 MT, up from last week’s 1,264 MT; Spain imported 1,047 MT, down from its total last week of 1,152 MT; Italy imported 982 MT,  down from last week's total of 1,199 MT; and the U.K. imported 686 MT, down from  the 1,009 MT it imported last week. 

China received 666 MT, down from last week’s 700 MT, and the U.S. imported 57 MT, which is less than last week’s 141 MT. 

Photo courtesy of Lerøy Seafood


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