At NOK 47.9/kg, the average spot price of farmed Norwegian salmon (fresh and gutted) reached a four-week high during the week of 30th September 2020. The latest average price represents a 6% increase compared to the start of the month and a 10% week-on-week growth. Higher farmed salmon prices are currently being supported by robust exports to the EU and the UK, as well as the US and East Asia. The Norwegian Seafood Council (NSC) reports that a weak NOK assisted strong sales through the month. Indeed, 111,800 tonnes of farmed salmon were exported in September, worth NOK 6.1 billion (EUR 0.6 billion), representing 3% year-on-year (y-o-y) volume growth and 2% y-o-y value growth.
Notwithstanding, current Norwegian salmon prices sit substantially below the peaks recorded in Q1 2020 and Q2 2020, of NOK 79.1/kg and NOK 71.2/kg respectively. This is partly related to seasonality, as prices tend to be higher in the first half of the year (H1 2020). Additionally, COVID-19-related supply disruptions were more evident in H1 2020, leading to more pronounced price spikes and dips during that period. With the pandemic upsetting typical seasonal supply and demand patterns, Norwegian salmon prices are expected to gain upward support through the remainder of Q4 2020 on firm demand and tighter supply from Norway and Chile.