Mintec Norwegian salmon prices have increased by 8% in just one week, between 08th May and the 15th May following the impacts of the massive algal bloom which has been hitting the regions of Troms and Nordland (Northern of Norway).
The ongoing algae crisis is bringing uncertainty to the market, resulting in chaos to the industry. Although the total amount of salmon lost in result of this outbreak is uncertain, it is estimated around 13,000 tonnes of salmon were killed, which corresponds to a total value of NOK 2.5 billion. Many companies have lost almost all their salmon inventory, pushing some Norwegian salmon farmers to announce several temporary lay-offs.
On 30th May, Norway's ongoing algal bloom spread to a new site in Stormneset in the region of Nordland, increasing mortalities in the area to 3.5 million salmon. Expectations are for Norwegian salmon prices to unavoidably rise in the long-term as the algal bloom continues to impact the industry and reduce stocks. However, in the short-term, prices are likely to fall amid overfilling of supply as farmers try to save fish. Mintec prices for Norwegian salmon are trending low since the 15th May, down 13% in the first week of June, the lowest in four months, driven by emergency harvests.