Trade show week drives down salmon prices.
“Prices have fallen significantly towards the end of the week. There’s a trade show next week,” says an exporter, before adding: “Prices have dropped by 10-15 NOK ($0.91/$0.85 to $1.36/$1.28) – down to around 110 NOK ($10.01/$9.35). It’s not unexpected. It looks like it will settle at that level. It really applies to all sizes – fixed price for 3+. Some pay more for air freight.”
The annual seafood expo in April, now in Barcelona after many years in Brussels, must take some of the blame. The expo starts Tuesday and lasts until Thursday, but many market players travel to Spain over the weekend.
“People don’t want to go there with unsold fish. We’re taking it very easy. We’re not planning to have much fish.”
“It’s typical for prices to drop during expo week. It’s quite standard. People are laid back and don’t want to stress with a lot of fish. But then again, the uptake isn’t that large either. It seems like many have slowed down their uptakes,” he tells SalmonBusiness.
“To make the market work, prices have to come down. Everything has become so expensive. A truckload of salmon now costs three million NOK ($273,300/€255,000). It’s difficult to get insurance on everything,” he notes.
Others see a price drop, but not as sharply.
“When you talk to producers, it’s down by 6-7 NOK ($0.55/$0.51 to $0.64/$0.60) – to 115-117 NOK ($10.47/$9.78 to $10.65/$9.95),” says a trader. “But it has been hard to sell. There might be a reduction with ‘prodfisk’. And there’s also the expo, and you know how it tends to be. It won’t get any better next week. You can be sure of that. Not really surprising.”
Less “prodfisk”
“We have offers from farmers at 108-110 NOK ($9.83/$9.18 to $10.01/$9.35) for 3-4, 110-112 NOK ($10.01/$9.35 to $10.19/$9.53) for 4-5, and 113-115 NOK ($10.28/$9.61 to $10.47/$9.78) for 5-6. That’s what we’re going to be buying at now. I think most want to clear as much as possible before Barcelona,” says a buyer, emphasizing that this is the “price at plant north.”
At the same time, he notices less downgraded “production fish” in the market.
“Yes, but the ‘prodprices’ are holding up fairly well, between 80 and 83 NOK ($7.28/$6.81 to $7.55/$7.06) for 3+.”
The message of falling prices is consistent among all sources today.
“Seafood Expo Global deflates the bubble. The result was a significant loss this week, despite the price drop. Customers go into expo mode and hold off on purchases,” another trader tells SalmonBusiness.
SalmonBusiness gathers spot prices for salmon every Friday after lunch, tracking fish to be delivered the following week. This process involves contacting multiple entities in the value chain, including farmers, exporters, and importers. At least five independent sources are consulted, though they may not always be publicly disclosed.
