August 10, 2018 / 12:38 PM / 4 months ago

Price of Norwegian salmon set to fall next week

OSLO, Aug 10 (Reuters) - The price of farmed Norwegian salmon is expected to drop to around 50 Norwegian crowns ($6.01) or less per kilo next week from this week’s 52-53 Norwegian crowns as supply increases, industry sources said on Friday.

“We may end at around 50 crowns per kilo, give or take, for delivery in Oslo,” said a salmon producer who declined to be named, while adding that the heat in Europe has curbed demand.

A fish exporter said he expected prices below 50 crowns per kilo.

“Prices are yet not fixed but there is a big price drop. In Northern Norway there are bids for 45-46-47 crowns for 3-6 kilo salmon. We expect prices to end somewhat higher but volumes are sharply increasing at a time when customers in Europe are going on holiday,” he added.

The price for larger fish, at six kilos or more, could end in the mid 50s.

For delivery in Oslo, transportation typically adds 1-2 crowns per kilo compared to the price at fish farms.

For this week the price outlook started at 55 crowns last Friday for Oslo delivery, but has dropped during the week to around 52-53 crowns per kilo on average.

Final prices for this week will be settled on the Nasdaq Salmon bourse on Tuesday next week.

Norway is the world’s top salmon producer, with fish farming the country’s second-largest export industry after oil and gas. The share price of listed farming companies depends heavily on changes in the price of fish.

Leading Norwegian producers include Marine Harvest , Salmar, Leroy Seafood, Grieg Seafood and Norway Royal Salmon. ($1 = 8.3251 Norwegian crowns) (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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