No end yet to salmon price surge

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The export price of fresh salmon continued its relentless surge last week, according to the latest data from Statistics Norway.

It averaged NOK 98.93 (£8.46) a kilo – just short of the NOK 100 mark. This represents a rise of NOK 4.3 (£0.37) of 4.5% on the previous week.

However, the official figure is thought to be some way behind what buyers are actually paying with figures of NOK 120 (£10.27) plus per kilo for large salmon being regularly quoted.

With the Easter holiday over, the export total rose by 9.5%, from 12,041 tonnes to 13,181 tonnes in week 16.

Frozen salmon prices remain high, but stable at NOK 80.16 (£6.86) a kilo, but the export total more than doubled from 86 tonnes to 176 tonnes.

Speculation continues on how much further salmon prices will go before a correction sets in. Some analysts suggests that time may not be far away.

Salmon companies are also keen to quash any suggestion they are making big profits, pointing out that feed prices have risen by 25% over the past few months and that they are facing big rises in energy and other costs.

The proof will come next month when salmon farming companies publish their first quarter financial results.

The prices quoted above include 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 1.50 lower per kilo than the Statistics Norway price, according to Mowi’s “Salmon Farming Industry Handbook 2021”.