Norwegian salmon prices surge 16 percent in week 13 of 2024

Norwegian salmon on a bagel
Norwegian salmon on a bagel I Photo courtesy of Leroy Seafood/Facebook
2 Min

The average week-over-week price of Norwegian salmon increased by NOK 19.93 (USD 1.63, EUR 1.54), or over 16 percent, in the 13th 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 reached NOK 126.90 (USD 11.79, EUR 10.91) – up from week 12's NOK 108.96 (USD 10.04, EUR 9.30).

Due to the upswing in prices, average per-kilo prices of Norwegian salmon are up NOK 12.57 (USD 1.17, EUR 1.08), or nearly 11 percent, over the past 12 weeks since around when the new year began, the index reported.

Salmon between 1 and 2 kilograms accounted for 0.3 percent of total sales during the 13th week of 2024 and reached an average price of NOK 84.23 (USD 7.85, EUR 7.25), increasing from last week’s price of NOK 81.01 (USD 7.51, EUR 6.94). Salmon between 2 and 3 kilograms comprised 6.75 percent of total sales and sold for an average of NOK 112.36 (USD 10.48, EUR 9.68), which is higher than the previous week’s NOK 99.57 (USD 9.18, EUR 8.50).

Salmon in the 3- to 4-kilogram range comprised 21.23 percent of total fish sold and had a per-kilo average price of NOK 122.88 (USD 11.46, EUR 10.56), which is higher than week 12's NOK 107.52 (USD 9.91, EUR 9.18).

The 4- to-5-kilogram category, comprising 25.89 percent of total sales during week 13, had its average week-over-week per-kilo price increase by NOK 15.16 (USD 1.41, EUR 1.31), reaching NOK 126.16 (USD 11.77, EUR 10.87) from the prior week’s NOK 110.99 (USD 10.29, EUR 9.51).

Norwegian salmon between 5 and 6 kilograms made up 30.15 percent of sales, and prices in the category increased NOK 18.08 (USD 1.69, EUR 1.56) to reach NOK 130.84 (USD 12.20, EUR 11.26), up from week 12's NOK 112.77 (USD 10.46, EUR 9.66). 

Salmon in the 6- to 7-kilogram category made up 8.22 percent of total sales and sold for an average of NOK 133.38 (USD 12.44, EUR 11.48), which is up from week 12’s NOK 109.06 (USD 10.12, EUR 9.34).

Salmon weighing between 7 and 8 kilograms, which accounted for 4.95 percent of total distribution, reached an average per-kilo price of NOK 131.97 (USD 12.31, EUR 11.36), which is up from the previous week’s NOK 107.10 (USD 9.87, EUR 9.14), while salmon prices in the 8- to the 9-kilogram range, which comprised just 1.86 percent of sales, increased by NOK 24.81 (USD 2.31, EUR 2.14) week over week to reach NOK 133.88 (USD 12.48, EUR 11.53).

Fish Pool, the European salmon exchange, predicts the average futures pricing of Norwegian salmon and has slated April's futures pricing to reach an estimated NOK 117.50 (USD 10.98, EUR 10.12), up from last week’s NOK 116.50 (USD 10.92, EUR 10.07). May’s prices are likely to stay flat at NOK 117 (USD 11.04, EUR 10.19), and June’s predicted futures pricing remains the same as reported in week 11 and 12 at NOK 110.90 (USD 9.52, EUR 8.79).

Q2 2024 futures pricing sits at NOK 115.13 (USD 10.77, EUR 9.91) from the pervious week’s NOK 114.80 (USD 10.75, EUR 9.91), while Q3 has also increased to NOK 87.27 (USD 8.16, EUR 7.51) from last week’s NOK 85.85 (USD 8.04, EUR 7.41). Q4's futures pricing now stands at a predicted NOK 88.73 (USD 8.30, EUR 7.64), which is up from NOK 87.25 (USD 8.09, EUR 7.47) week over week.

The Norwegian Salmon Council's weekly report on Norwegian seafood exports showed the country exported 9,516 metric tons (MT) in the 13th week of 2024, which is down from the prior week's 13,586 MT and down from the 17,571 MT exported in week 13 of 2023.  

European nations continued to dominate as the primary market for Norwegian salmon, purchasing 6,682 MT of the product, which is lower than week 12's 9,643 MT.

Denmark imported 1,530 MT, higher than the previous week’s 962 MT; France imported 1,018 MT, down from 1,478 MT; the Netherlands imported 989 MT, down from week 12's 1,197 MT; Poland received 864 MT, lower than the 1,940 MT from the prior week; Spain imported 787 MT, lower than 1,009 MT; Italy imported 541 MT, dropping from 1,173 MT; the U.K. imported 492 MT, decreasing from 1,002 MT.

Elsewhere, China received 512 MT, less than week 12's 651 MT, and the U.S. imported 48 MT, lower than the 140 MT from the previous week.

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