Salmon prices soar as 2024 ends

The government monitoring organisation Statistics Norway reports the market hit an average of more than NOK 110 per kilo (£7.91) in week 52.

One reason is the supply and transport distortions that are a regular feature of the Christmas holiday.

By this time the normal demand should have petered out, sending prices down. This has not happened over the past two years, however.

Production continues, but it is distorted because getting salmon out of the country can be hit and miss. The end to the year was also marked by storms in the north which has further affected shipments.

Statistics Norway said this week: “It is common for prices and net weight to vary greatly during the Christmas and New Year’s holidays.”

The export volume for fresh salmon in week 52 was 9,134 tons, 59.3% less than in the previous week when the volume was 22,450 tons.

The selling price of NOK 111.82 per kilo has not seen for several months and represents a 21.3% rise on week 51. This is only an average figure, however, and salmon at five to six kilos was selling at NOK 150 per kilo (£10.61).

In week 52,158 tons of frozen salmon were exported, and the price was 93.83 NOK/kg (£6.64) against NOK 76.39 per kilo (£5.40) a week earlier.

It has been a topsy turvy year for salmon prices, with the first half surge coming to a grinding halt at the beginning of June. The market remained depressed until a few weeks before Christmas.

Most industry analysts expect a strong price start to 2025 but how long that situation continues is a guessing game for now. The picture should become clearer over the coming weeks.