Salmon prices still falling

According to the monitoring organisation Statistics Norway, fresh salmon prices fell by 4% to NOK 69.85 per kilo (£5.45) between 8-14 June (week 24) and are now almost lower than at any time for the previous 18 months.

The last time they were around this figure was a year ago. For the past two years, June seems to be a bad month for fresh salmon prices, although they have not been this low for some time. This time last year they were hovering around NOK 82 per kilo (£6.40) and were even higher at NOK 85 per kilo (£6.63) in 2024.

There is a lot of salmon, especially large fish, coming onto the market at the moment and this is pushing down prices.

In contrast, export volumes hit their highest figure so far this year at 22,593 metric tons, up by almost 200 tons on the previous week.

The overseas salmon market should get back to some form of normality now that a tentative peace deal appears to have been reached between the US and Iran. Pre-war flight routes are expected to re-open, reducing costs for salmon exporting companies. Nevertheless, with a permanent agreement still some way and the possibility of hostilities resuming later this year, the situation remains far from certain.

On a brighter note, demand from Europe and the Far East remains reasonably strong.

Frozen salmon exports last week more than doubled to 587 tons while prices were less at NOK 74.61 per kilo (£5.82), says Statistics Norway.