Norwegian farmed salmon prices have spiked by as much as 10 NOK ($1.10/€0.99) per kilo in Friday trading as Christmas demand catches fire, traders told IntraFish Friday.
"It's totally insane," one exporter said. "Prices are soaring and it is fluctuating rapidly."
Competition for product is heating up, and the exporter is considering taking a large position on the final week before the holidays, but said the risk is holding inventory while prices decline.
Another exporter said weather-related supply disruptions earlier this week have only compounded the price rises. That's also impacted cod, which can be a positive for salmon as consumers switch.
One farmer said prices are "very high and fluctuating," reporting a contract at NOK 90 ($10/€8.95) per kilo for large fish flown to South Korea.
But markets appear to be split, exporters said, with deliveries early next week selling on average at around NOK 5 ($0.55/€0.50) per kilo higher, depending on weight class.
IntraFish was given the following prices FOB farmgate:
- 3-4 kg -NOK 68 ($7.55/€6.75) to NOK 71($7.88/€7.05) per kilo (one report of NOK 80 ($8.90/€7.95)/ kg)
- 4-5 kg - NOK 71 ($7.88/€7.05) to 76 NOK($8.41/€7.55) per kilo(one report of NOK 82 ($9.07/€8.14)
- 5-6 kg - NOK 73 ($8.07/€725) to NOK 82 ($9.07/€8.14) per kilo
- 6 kg + - 83 ($9.18/€8.24) to NOK 90 ($9.95/€8.94) per kilo.