Spot prices for Norwegian farmed salmon are expected to increase by around NOK 2 (€0.20/$0.23) to NOK 3 (€0.31/$0.35) per kilo this week, mainly due stormy conditions in the north of the country and higher prices on future contracts, industry players told IntraFish on Friday.

Although not many trades had been made at the time of this reporting on Friday, most players are expecting to see an upswing.

“The industry in eastern Europe seems to be starting to build a little, increasing demand, and then there have been some cancellations in the north as a result of the weather,” one farmer told IntraFish. “It means there will be less harvest volumes."

The farmer had sold salmon to both Eastern Europe and other countries on the continent at about NOK 3 (€0.31/$0.35) above the level seen on Feb. 8.

There are also expectations of higher prices in the future contracts, confirmed Fish Pool.

“This week the contract for March is trading up at around NOK 61 (€6.20/$7),” Søren Martens, managing director of Fish Pool, told IntraFish.

Furthermore, a contract of 600 metric tons has been signed for the second half of the year at NOK 59 (€6/$6.80).

“It is a higher level than the spot price the Fish Pool Index has our last two years,” said Martens.

Last year it was NOK 56 (€5.70/$6.40) and in 2017 it was NOK 54 (€5.50/$6.20) for sizes 3-6 kg.

IntraFish was told of varying prices from the different players and for sizes 3 to 6 kilograms on Friday, they were put at between NOK 52 (€5.30/$6) and NOK 57 (€5.80/$6.60) per kilo.

Most of the evidence nevertheless suggests that prices will rise from below the NOK 55 (€5.60/$6.30) level, with the larger sizes increasing the most.

On average, prices are expected to be around:

Sizes 3-4 kg - NOK 54 (€5.50/$6.20) to NOK 55 (€5.60/$6.30) per kilogram
Sizes 4-6 kg - NOK 55 (€5.60/$6.30) to NOK 57 (€5.80/$6.60) per kilogram
Sizes 6 and above – NOK 56 (€5.70/$6.40) to NOK 57 (€5.80/$6.60) per kilogram

Prices

Norwegian salmon prices expected to rise this week