The price of salmon has nose-dived after a three-week sweet spot.
The supply saw Friday’s spot price drop from last week’s 80 kroner high to 4-5 kilos 66-67 kroner following a strong harvest of Norwegian stocks.
Suppliers reacted strongly to the hammering. One exporter told SalmonBusiness.com: “This a major correction and is making for difficult trading. Fish are going to be slaughtered all over the weekend. This is dramatic for exporters. The breeders get 78 kroner and we get 68 kroner. It’s come as a blow,” he added.
Like many SalmonBusiness.com spoke with, he was quick to blame the sector for not taking stock of the erratic seasonal variation. The sea temperature has passed ten degrees leading to a stronger harvest, and this has seen weak fish weeded out adding to the expectation of higher volume of stronger fish.
He said: “We have brought this correction on ourselves. We have been pushing the market too hard. Obviously, the situation is reversing.”
The sudden correction is hardly new territory, however; the price curves compare closely to a steep correction witnessed in 2016 and 2017.
The price level for next week’s deliveries (delivered Oslo):
- 2-3 kilos 50-53 kroner
- 3-4 kilos 64-66 kroner
- 4-5 kilos 66-67 kroner
- 5+ kilos 67-70 kroner