April 27, 2018 / 12:00 PM / a year ago

Norwegian salmon price seen surging to NOK 71-72 next week -sources

OSLO, April 27 (Reuters) - The price of Norwegian farmed salmon is expected to rise by up to five crowns to a range of 71-72 crowns per kilo for deliveries in Oslo next week after three weeks of decline, industry sources told Reuters on Friday.

“Prices are definitely rising, maybe by as much as five crowns due to smaller harvest volumes with one less working day next week,” said a producer who declined to be named.

A salmon exporter confirmed the development, and said the increase was as expected for this time of the year.

“Prices usually increase in May, before a seasonally weaker June,” he said, adding that he expected the level to remain around 70 crowns during May.

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, sending prices to 75 crowns around Easter.

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.

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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