Salmon prices down, but holding firm

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The price of fresh salmon fell by almost 5% in Norway last week (week 9), almost certainly as the result of the war in Ukraine.

But at NOK 83.75 a kilo and down by 4.7% from week 8, it is still the third highest figure so far this year and higher than at any point for at least two years.

Statistics Norway is also reporting a drop in exports. They totalled 16,643 tonnes against 17,513 tonnes in week 8, a decline of 5%.

One reason for the drop in both prices and exports is largely due to logistical problems in getting fish to market.

The conflict means that planes heading for key markets in Japan, South Korea and China, are banned from flying over Russia, forcing them to take longer diversionary routes. This will almost certainly have affected overseas sale figures.

Frozen salmon exports in week 9 rose by almost 200 tonnes to 411 tonnes and the price was also up slightly from NOK 72.47 to NOK 73.06 a kilo.

Figures quoted are for fish with heads off and includes all weight classes and fish sold on contract.

Meanwhile, the fall-out from the conflict has hit salmon company shares on the Oslo Stock Exchange seafood index which fell by almost 2%.

Pareto Securities told the financial news service TDN Direkt that it was down to a combination of lower demand, logistical issues and higher feed costs.

Meanwhile, to the surprise of some, Norway has decided to let Russian trawlers fish in the Norwegian zone and land their catches in Norwegian ports for the time being.