In late February, the wholesale price of farmed silver salmon was JPY 600 to 650 per kilogram (USD 5.02 to 5.44; EUR 457 to 495) 20 to 30 percent cheaper than at its peak last spring. The decline was due to increased supplies from Chile. By 3 March, prices at Tokyo’s Tsukiji market had recovered to JPY 788 to 842 (USD 6.60 to 7.05, EUR 6.01 to 642) per kg for frozen product, while salted fillets went in the range of JPY 810 to 918 (USD 6.78 to 7.68, EUR 6.18 to 7.00).
Last spring, a combination of a weak yen and increased demand from emerging countries, including Brazil, sent Chile-farmed silver prices up. From last summer, Russia also imported salmon from Chile to replace Norwegian product, blocked by Russia’s retaliatory import ban. However, after the oil price drop and subsequent ruble depreciation, these orders fell off, leaving Chile with a large amount in stock and allowing the price to decline.
As prices were high until last year, many shops in Japan reduced displays of silver salmon and raised the price to JPY 130 to 150 (USD 1.08 to 1.25, EUR 0.99 to 1.14) per slice, taking it out of the affordable range for a breakfast protein, but in mid-March, they offered sales, offering packs of fillet slices for grilling — a popular breakfast item — at the important price point of 100 yen (USD 0.83, EUR 0.76) per slice. This price point has been harder for retailers to meet since the addition of the 8 percent sales tax, which is included in the marked prices, so when it appears, it meets a good response from consumers.
Meanwhile, frozen sockeye in mid-March wholesaled at JPY 972 to 1,080 (USD 8.13 to 9.04, EUR 7.41 to 8.24) while average prices for salted fillets varied by origin: Hokkaido, JPY 1,512 (USD 12.65, EUR 11.54); Russia, JPY 972 (USD 8.13, EUR 7.41); and Alaska, JPY 918 (USD 7.68, EUR 7.00). The lower price for Alaska product may reflect the expectation of a very strong Alaskan harvest with many smaller fish, while considerable amounts of older stock remained early in the year.
In Japan, coho and sockeye compete in the salted salmon market for grilled slices, while ocean-farmed trout from Chile holds a strong position in unsalted for “meuniere,” which in Japan usually just means pan-fried with butter and lemon juice (rarely is it dredged in flour).
Chile produces 80 percent of the world’s production of silver salmon. Production volume of Chilean silver salmon during the period July 2014 to June 2015 is expected to increase about 10 percent from the previous season, to about 110,000 metric tons. Supply to Japan is also expected to grow 20 to 30 percent.
Conversely, Japan’s indigenous cherry salmon (Oncorhynchus masou) now being landed in Aomori Prefecture, is 30 to 40 percent more expensive than last year. The wholesale price of at Tsukiji is 2,000 to 2,500 yen (USD 16.74 to 20.92, EUR 15.26 to 19.08) per kg. Cherry salmon are mainly caught in Aomori and Hokkaido prefectures, beginning and January and increasing into spring, and the species is mainly used in upscale restaurants. Landings in March in Mutsu City, a main Aomori fishing port, in mid-March were off nearly 50 percent from 2014. The runs are supported by hatchery releases.
