Fish shortage continues to drive salmon prices upward
The Easter price rally shows no sign of stopping.
On Friday, SalmonBusiness reported a sharp rise in prices, with levels between NOK 85 and 90 ($7.99–$8.46 / €7.06–€7.47) per kilo. And on the final trading day before the Easter weekend, prices continued to climb.
“We sold some 3–5 kg fish earlier today. We got around NOK 90 ($8.46 / €7.47). But we only have one processing plant, and with a four-day workweek, we don’t have much fish. We expect NOK 93–95 ($8.74–$8.93 / €7.74–€7.89) for 3–5 kg, and NOK 95–97 ($8.93–$9.11 / €7.89–€8.05) for 5–6 kg,” a farmer told SalmonBusiness.
Climbing further
“We haven’t heard back from China yet on 6+ kg fish, but they were paying over NOK 100 ($9.40 / €8.30) this week,” the farmer continued.
“That’s an increase from Friday.”
It also marks the highest price level seen since January.
One exporter believes that prices in the mid-90s are “definitely too high,” but confirms the market is busy.
Another exporter sees the opposite trend:
“Prices are down 3–4 kroner ($0.28–$0.38 / €0.25–€0.33) across all weight classes, especially on 6+ kg fish,” she said.
A farmer reports even higher prices:
“Around NOK 100 ($9.40 / €8.30) for 3–7 kg fish. NOK 97–98 ($9.11–$9.21 / €8.05–€8.14) for 7+ kg,” he said, referring to Oslo prices — meaning including transport costs (up to NOK 2 per kilo) from the processing facility.
“China took over 2,000 tonnes last week,” he pointed out.
Driven by demand
He is clear on what’s driving the market:
“Huge volumes this week. Asia is strong, Europe is strong, and the US is relatively strong, I’d say. So there’s generally solid pull,” he said, adding that he believes the price rise is demand-driven.
“Prices are climbing on rising volumes, even though this is a three-day week, next week is four days, and the one after that is also four. May and June look set to be very strong,” the farmer predicted.
The market is currently affected by closures at many processing plants, and numerous exporters have taken time off for the Easter holiday. Fish Pool’s forward contract for Q2 is currently trading at €7,367 per tonne, equivalent to NOK 88.91 ($8.36 / €7.38) per kilo.
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.