March 23, 2018 / 1:45 PM / 6 months ago

Norwegian salmon price seen up NOK 10 to NOK 72-76/kg next week -sources

OSLO, March 23 (Reuters) - The price of Norwegian farmed salmon is expected to rise by around 10 crowns to 72-76 crowns per kilo for delivery in Oslo next week due to less harvesting, industry sources told Reuters on Friday.

Prices this week were initially expected to drop 10 crowns to a range of 58-60 crowns per kilo, but came out somewhat higher after a rise at the end of the week which is expected to continue next week.

“Prices are rising to between 72-75 crowns from around 62 crowns this week,” one exporter, who declined to be named, told Reuters.

“Its less fish but its difficult to understand the market at the moment,” he added.

One producer confirmed the price rise.

“Prices are at around 75-76 crowns in Oslo. Next week is shorter due to the Easter holiday and volumes are significantly down. And some people have to buy to keep their commitments,” a producer said, who also declined to be named.

Salmon prices peaked at around 80 crowns per kilo in early January of 2017 at a time when supply constraints supported prices, but have since been trending down on growing volumes in volatile trade. In late January this year prices were close to 50 crowns per kilo.

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 Ole Petter Skonnord, editing by Gwladys Fouche)

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