Demand lull weighs on global salmon prices in August

September 15, 2023

2 mins read

Since peaking at an all-time high of NOK 121.7/kg in March 2023, the Norwegian salmon price has fallen steadily over the following months, reaching a 9-month low monthly average of NOK 73.8/kg in August 2023. This represented a m-o-m contraction of NOK 17.2/kg (-18.9%); the fall reflects seasonality, as Norwegian salmon prices typically dip during the European summer period because of a lull in market activity attributed to buyers taking annual vacations. The Norwegian salmon price did increase by NOK 8.3/kg (+12.6%) y-o-y in August 2023, which may be partially attributed to a 12.9% depreciation of the NOK against the EUR during this period, meaning that Norwegian exporters gained greater value from EUR-denominated exports converted into Norwegian currency. 

Norway salmon

At $7.24/kg, the Chilean farmed salmon price fell by $0.34/kg (-4.5%) m-o-m, down $0.25 (-3.3%) y-o-y, in August 2023. The respective dips reflect greater availability of salmon from some of the largest Chilean exporters, as the 2022 harvest was negatively impacted by disease outbreaks and surging input costs. Falling feed costs helped limit overall costs for Chilean producers, which is another factor leading to softer salmon prices, in addition to seasonally weak demand from the US, which is Chile’s largest salmon market. 

Chile salmon

 

Topics: Fish & Seafood
Ibi Idoniboye
Ibi Idoniboye

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