Salmon prices showing sustained recovery

Market prices rose by 3.2% to NOK 73.57 (£5.72) per kilo in week 31 (27 July to 2 August), according to the monitoring organisation Statistics Norway.

It was the third time they have risen in the past month, moving up from a low of NOK 67.31 per kilo in early July. The last time they were around this level was back in May.

So far there is no let-up in demand. Thanks to China and Poland, export volumes remain high. They totalled 26,958 metric tons in week 31, more than 1,000 tons or 4.4% higher on the previous week.

The price revival was partly reflected in the export figures published by the Norwegian Seafood Council yesterday which showed a July all-time high for salmon export revenues.

The export market is also changing. A year ago the United States was Norway’s second largest market. This year it had fallen to fifth place due to President Trump’s tariff moves, which singled out Norway with a higher rate than most other salmon exporting countries.

Fortunately for Norway’s salmon farmers, a sharp rise in demand from China and the Far East generally has made up for the reduction in US business.

Frozen salmon remain fairly stable, rising slightly in week 31 to NOK 72.79 (£5.66) per kilo. The volume sold was down by 39 tons to 697 tons.

The Statistics Norway figures include all weight classes and include fish sold on contract.