Mintec Norwegian salmon prices plummeted by 30% between April and August, reaching the lowest level so far this year. The drastic fall in prices was mainly a result of higher than anticipated harvest volumes, despite the occurrences of algae blooms in May and June.
Norwegian salmon production in H1 2019 amounted to 710,400 tonnes, up 4% compared to the same period last year. In July, Norway harvested an estimated 107,000 tonnes – up 5% y-o-y. Norway is benefitting from high harvest volumes despite problems threatening supply, forcing an early harvest of salmon. Norwegian salmon production for 2019 is forecast at 1.3 million tonnes, an increase of 4% y-o-y.
The downward trend in Norwegian salmon prices has weighed on global prices, causing prices to fall both in Chile and Scotland.
From weather to political, all the factors impacting the salmon market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.