Norwegian salmon prices have fallen for the fourth consecutive week, reaching a new low this year.
But with workers in the European processing industry preparing to return to work, demand should pick up again, one exporter said.
"I think that this will actually be the week this year where the price is the lowest," the source said.
Market sources reported little fresh salmon business on Friday afternoon as buyers adopted a wait-and-see approach to deal making.
"Its going down, that's for sure. The question is how much lower we have to go," said an overseas processor who hoped to be able to buy at less than €5 ($5.03) per kilo.
Many in the market talk of an imbalance between orders taken up and actual demand.
"As a result, prices fall. We will probably be well into the NOK 50s," an exporter said, forecasting a price drop of close to NOK 5 (€0.51/$0.51) per kilo from last Friday.
"Right now, it is the case that the holiday in Norway is over and the salmon have grown well through the summer. Autumn is peak season. At the same time, holidays are still winding down in a number of places in Europe," he said.
The exporter highlighted other issues in the market.
"There is still a shortage of packaging for freezing fish in both Norway and Europe. In addition, we hear that processors in some places are subject to restrictions on water, which means that they are not allowed to produce as normal," he said.
An IntraFish survey of market sources revealed the following prices.
- 3–4 kg: NOK 52–53 (€5.37-€5.47€/$5.40-$5.51)/kg
- 4–5 kg: NOK 53–54 (€5.47-€5.57/$5.51-$5.60)/kg
- 5–6 kg: NOK 54–56 (€5.57-€5.78/$5.51-$5.82)/kg