May 18, 2018 / 11:55 AM / 3 months ago

Norwegian salmon price seen stable around NOK 78-80 next week -sources

OSLO, May 18 (Reuters) - The price of Norwegian farmed salmon is expected to remain around 78-80 Norwegian crowns (NOK) per kilo for deliveries in Oslo next week, but could soon fall as volumes pick up, industry sources told Reuters on Friday.

“So far it looks like prices are stable at high levels due to another bank holiday next week,” said a producer who declined to be named.

Several bank holidays in Norway this month have cut the volume of harvested salmon and helped push prices to near record highs.

An exporter confirmed stable prices for the first part of the week, but said that by the end of the week prices were indicated down to around 74-75 crowns.

“It is very difficult to predict, but at least for the week after next, we fear prices could come down significantly, pressured by higher volumes,” the exporter added.

In late January, the price of salmon stood at around 50 crowns per kilo, on fears of strong supply growth, but a cold Norwegian winter has since resulted in slower growth in fish stocks, giving a new price spike.

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

Average production costs for whole fish, including the cost of harvesting, rose by 13 percent to 34.29 crowns per kilo in 2016, according to data from the Norwegian Directorate of Fisheries.

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

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