The average price of Norwegian salmon retreated in July, after rallying by almost 25% over the course of Q2 2020. The combination of high supply, sluggish demand and international competition were weighing on prices and led prices to fall by almost one-fifth, to NOK 48.1/kg, in the five weeks to 15th July.
Meanwhile, Chilean farmed salmon prices maintained the steep downward trend seen during the first four months of the year, falling to USD 3.57/kg in July from USD 4.48/kg in April. Indeed, the average quarterly price for May-July presents double-digit contractions on both a year-on-year (y-o-y) and a quarter-on-quarter (q-o-q) basis and is the lowest price recorded for that category for at least seven years. Price weakness for the latest quarter is attributable to the coronavirus pandemic weakening demand sentiment in the US, Brazil and Russia – three markets that typically comprise around two-thirds of Chilean salmon exports.
From economical 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. Please visit our Mintec Analytics platform to find out more.