August 11, 2017 / 12:12 PM / 10 months ago

Norway salmon prices seen falling to a new year low next week

OSLO, Aug 11 (Reuters) - The price of Norwegian farmed salmon is expected to fall to the lowest level this year of around 47-49 Norwegian crowns per kilo next week for deliveries in Oslo, industry sources told Reuters on Friday.

“In average we expect prices to drop 5-6 crowns from this week,” a producer who declined to be named, told Reuters.

He said prices were falling due to rising supply, while demand was still muted due to holiday season in Europe.

An exporter confirmed the outlook.

“It is quiet, few deals have been made so far, but prices are definitively falling significantly, maybe to somewhere around 47-49 crowns,” he said.

Salmon prices peaked at around 80 crowns per kilo in early January before dropping to around 50 crowns in March.

Norway is the world’s top salmon exporter, and the share price of listed farming companies depends heavily on changes in the price of fish.

Production costs are at around 32-33 crowns per kilo.

Supply constraints supported prices in the first half of 2017, ahead of an expected increase in volumes later in the year.

Leading Norwegian producers include Marine Harvest, Salmar, Leroy Seafood, Grieg Seafood and Norway Royal Salmon. (Reporting by Camilla Knudsen)

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