Norwegian salmon prices continued to increase in the first week of 2024, picking up where they left off at the end of the previous year.
According to the Nasdaq Salmon Index (NQSALMON), the average per-kilogram price of Norwegian salmon in the first week of 2024 reached NOK 114.14 (USD 11.04, EUR 10.09), which was up NOK 14.40 (USD 1.39, EUR 1.27), or 14.44 percent, on week 52 of 2023.
NQSALMON, which provides weekly sales updates and a weighted average price for fresh, head-on gutted Atlantic superior salmon from Norway, revealed the average per-kilo price of salmon is up NOK 30.32 (USD 2.93, EUR 2.68) over the past four weeks and NOK 34.45 (USD 3.33, EUR 3.04) over the past 12 weeks.
In the first week of the new year, salmon between 1 and 2 kilograms accounted for 1.36 percent of total sales, with an average price of NOK 75.54 (USD 7.31, EUR 6.68) per kilogram, which is a decline of NOK 0.90 (USD 0.01, EUR 0.01) compared week 52 of 2023, the Nasdaq Salmon Index (NQSALMON) reported. Salmon between 2 and 3 kilograms, meanwhile, accounted for 18.22 percent of total sales and sold for an average of NOK 108.08 (USD 10.44, EUR 9.55) per kilo, which is up NOK 12.39 (USD 1.20, EUR 1.09) week over week.
Salmon in the 3- to 4-kilogram range comprised 27.66 percent of all fish sold and had a per-kilo average price of NOK 108.08 (USD 10.44, EUR 9.52), which was an increase of NOK 12.39 (USD 1.20, EUR 1.09) week over week. The 4- to-5-kilogram category, comprising 26.63 percent of total sales, saw its average week-over-week per-kilo price increase by NOK 17.15 (USD 1.66, EUR 1.51), reaching NOK 117.17 (USD 11.32, EUR 10.32).
Norwegian salmon between 5 and 6 kilograms, representing 18.25 percent of total sales, increased to an average per-kilo price of NOK 131.73 (USD 12.72, EUR 11.60), which was up NOK 23.98 (USD 2.32, EUR 2.11) week over week, while 6- to 7-kilogram salmon, which accounted for 4.71 percent of total distribution, sold for an average of NOK 141.41 (USD 13.66, EUR 12.45) – an increase of NOK 27.10 (USD 2.62, EUR 2.39).
The price of salmon weighing between 7 and 8 kilograms increased to NOK 150.01 (USD 14.48, EUR 13.21) from NOK 125.21 (USD 12.09, EUR 11.09) and made up 2.44 percent of the total distribution, while salmon in the 8- to 9-kilogram range increased NOK 13.02 (USD 1.26, EUR 1.15) from the previous week's NOK 134.85 (USD 13.01, EUR 11.93) to reach NOK 147.87 (USD 14.29, EUR 13.03) making up .50 percent of the market share.
The Norwegian Salmon Council's weekly report on Norwegian seafood exports indicated the country exported 12,099 metric tons (MT) of salmon and trout. The largest volume of salmon was exported to European countries, which bought 8,673 MT of the product.
Specifically, Poland received 1,594 MT of Norwegian salmon, down from the 3,709 MT it bought in week 52 of 2023; France imported 1,544 MT, down from 2,783 MT; the Netherlands imported 1,132 MT, down from 2,004 MT; the U.K. imported 972 MT, down from last week’s 1,885 MT; Italy imported 958 MT, up from 1,655 MT; Spain imported 957 MT, down from 1,796 MT; and Denmark imported 799 MT, down from 2,331 MT.
Elsewhere, China received 500 MT of salmon, down from last week’s 795 MT, and the U.S. imported 132 MT, down from last week’s 450 MT.
Norwegian Minister of Fisheries and Ocean Policy Cecilie Myrseth said a major challenge for Norwegian seafood companies in 2024 will continue to be domestic seafood consumption.
Fish Pool reported January futures pricing increased to NOK 110 (USD 10.63, EUR 9.69) per kilogram from last week’s 104.30 (USD 10.14, EUR 9.24). February's futures dropped to NOK 105.15 (USD 10.16, EUR 9.27) from last week’s NOK 108.60 (USD 10.55, EUR 9.62), and March's futures declined to NOK 110.30 (USD 10.66, EUR 9.71) from last week’s NOK 111.20 (USD 10.80, EUR 9.84).
Futures pricing for Q1 2024 was reported at NOK 109.82 (USD 10.61, EUR 9.67) from last week’s NOK 108.00 (USD 10.43, EUR 9.51), while Q2 2024 futures pricing hit NOK 87.47 (USD 8.45, EUR 7.70).
The first week of 2024 follows a year in which Norwegian seafood exports posted a strong performance on the surface, increasing its year-over-year trade value by 14 percent, or NOK 20.7 billion (USD 2 billion, EUR 1.8 billion), by reaching sales of NOK 172 billion (USD 16.6 billion, EUR 15.1 billion).
The Norwegian Seafood Council (NSC), however, attributed the growth largely to the weakened value of the Norwegian kroner, and if measured in euros and dollars – the industry’s most important trading currencies – the growth would be significantly less. The state-owned trade body estimates the devaluation of the kroner contributed to increasing the export value by almost NOK 15 billion (USD 1.4 billion, EUR 1.3 billion) in 2023.
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