Norwegian salmon prices skyrocketed Friday, surpassing NOK 80 (€8/$9.70) per kilo for some of the larger fish, as holidays and a new generation of fish made an impact.
Today, several industry players reported that prices have risen sharply.
One exporter said prices for large fish started at NOK 80 (€8/$9.70) and by the end of the day were at NOK 86 (€8.60/$10.40)
"It is expensive today," the exporter told IntraFish.
The month of May is peppered with holidays for Norwegians, putting downward pressure on harvests.
Other industry sources put average prices at between NOK 70 (€7/$8.50) and NOK 80 (€8/$9.70) for fish between three and six kilos on Friday.
Prices have not reached past the NOK 70 per kilo level for over six months, and even then the spike was short-lived, according to figures from the Nasdaq Salmon Index.
The final weeks of 2019 and early 2020 were the last time prices held above NOK 70 for more than a week.
One salmon farmer in northern Norway said despite the higher prices, demand was strong, with fish selling at NOK 72 (€7.20/$8.70), NOK 76 (€7.60/$9.20) and NOK 80 (€8/$9.70) for the range of weight classes.
The largest fish are selling for between NOK 83 (€8.30/$10) and NOK 84 (€8.40/$10.20), he added.
"It is clear that it is a day off next week. Historically, when it is a short week, there will be a little more limited offer, but there are certainly some who have been surprised by the big upswing today," the farmer told IntraFish.
Another exporter noted that while it's seasonally a higher month for prices, Friday's price rise was "sharp."
Adding to the holiday pressure is a generational change, the exporter noted, and some salmon farmers have chosen to leave smaller fish in the pens.
The exporter said prices were at between NOK 70 (€7/$8.50) and NOK 80 (€8/$9.70) and added there is great variation in prices from the different producers.
"When prices are so high, there is a lot of difference in prices between farmers," he said.
IntraFish was given the following prices for salmon with delivery next week:
- 3 to 4 kilograms -- NOK 70 (€7/$8.50) to NOK 72 (€7.20/$8.70) per kg
- 4 to 5 kilograms -- NOK 74 (€7.40/$8.90) to NOK 76 (€7.60/$9.20) per kg
- 5 to 6 kilograms -- NOK 76 (€7.60/$9.20) to NOK 80 (€8/$9.70) per kg
- 6 kilograms and above – NOK 80 (€8/$9.70) to NOK 88 (€8.80/$10.60) per kg