Salmon prices continue to climb toward NOK 40 mark

February 22, 2013, 3:45 pm

Salmon prices continue to climb toward the NOK 40 mark as supplies this week are limited, according to analysts Nordea.

This has been driven by a combination of low on-growing in sea and also some effects of the winter holiday in Norway, with reduced activity in the processing plants.

The NOK has weakened towards EUR since Feb. 20,  now EUR/NOK 7.48. These are levels not seen since September/October 2012, marginally reducing the effects of the strong price increase, though far from enough, said a report from investment bank Nordea.

The prices in the US market for fresh Chilean salmon filets continue to increase, it said, and Chilean producers should now be able to make a profit on the current prices. Fish meal and oil prices are falling slightly back in Europe, while record high price levels are maintained in Peru.

The salmon spot prices for deliveries next week continue up driven by a tight supply situation. The weekly harvesting figures from Norway are showing higher volumes year on year, so there will be a situation that volumes are higher and prices are substantially higher.

As in 2010, this seems to be a combination of strong demand following a period of low salmon prices opening up for new demand and shortfall of supplies from competitors.

Prices for Chilean fresh salmon is now above break-even levels and the prices for HOG salmon is boosting for the low/mid-sized fish (NOK 35 per kilo).

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