Salmon prices slipping despite export boom

The average export price for fresh fish from Norway in week 36 was NOK 52.30 per kilo, a drop of 3.9% on the previous week and well down on the average figure earlier in the summer. The corresponding price for week 36 last year, however, was NOK 48.90 per kilo.

But exports of fresh salmon were up by 6.6% to 26,422 tonnes. The price per kilo for frozen salmon was somewhat better at NOK 59.43 per kilo, with exports totalling 688 tonnes, and increase of just over 130 tonnes on the previous week.

The price includes all weight classes, qualities and all fish sold, including the one that has been sold on contract. The reported price is the price at the border, and includes, among other things, shipping and terminal costs.

The price farmers are paid is usually around NOK 1.5 lower per kilo than the Statistics Norway price, according to Mowi’s “Salmon Farming Industry Handbook 2021”.

Despite sluggish prices analysts are recommending investors to buy into salmon farming companies. They also point out that prices are generally lower during the summer and autumn, but should start rising as Christmas approaches.

Knut-Ivan Bakken from SpareBank 1 Markets said he expects high prices next year, which he believes will continue to rise into 2023.

According to financial reports he singled out Lerøy Seafood as one of his favourites because the company is currently working on operational improvements.

Another of his recommendations is SalMar, whose Smartfish project is expected to be approved in the next few months. Other “buy” names include Mowi, Grieg and NTS.


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