Soaring prices for Norwegian cod have likely reached their limit as buyers in Europe struggle with high electricity prices, interest rate rises and spiraling living costs, according to two whitefish players.

"In general, prices for cod are currently quite high," Terje Kjolsoy managing director of the export company Aalesundfisk told IntraFish sister publication Fiskeribladet. "There are many indications that we have reached a price ceiling," he said.

"But until next year, with a 20 percent reduction in the cod quota, it will be exciting to see what happens."