February 9, 2018 / 1:52 PM / 4 months ago

Price of Norwegian farmed salmon seen up to NOK 50-53/kg next week

OSLO, Feb 9 (Reuters) - The price of Norwegian farmed salmon is expected to rise to a range of 50-53 crowns ($6.27-$6.64) per kilo for deliveries in Oslo next week, up from about 49-50 crowns this week, industry sources told Reuters on Friday.

Prices this week were initially expected to drop 3-5 crowns to 47.5-48 crowns per kilo but appeared to have reached a higher range of around 49-50 crowns per kilo.

“Prices are rising two-three crowns to 52-53 crowns per kilo on the main sizes of salmon, (those weighing) 3-6 kg,” said one producer, who declined to be named.

“What has an impact in this week is a weaker crown,” the producer added.

Over the past week the crown has weakened two percent to 9.79 against the euro. The eurozone is the biggest market for Norwegian salmon.

One exporter expected a somewhat lower recovery.

“It’s about stable, around 50 crowns per kilo next week, the big producers are pushing up prices, so we are a bit squeezed,” the exporter said.

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 fallen as volumes grew.

Production growth from Norway is expected to be around 9 percent in 2018, the Norwegian Seafood Council predicted in early January.

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. ($1 = 7.9798 Norwegian crowns) (Reporting by Ole Petter Skonnord, editing by Gwladys Fouche)

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