In its morning report today, Nordea stated that Christmas salmon is now rising in price towards week 50.
According to the group, salmon prices for delivery towards the end of this week and into week 50 have increased significantly in recent days, from a level of NOK 58-59 per kilo to an estimated NOK 65 (£5.42).
In addition to a normally strong Christmas market, the market has also experienced some delivery problems due to the storm that has ravaged Western Norway during the past 24 hours, Nordea point out.
The price level of Norwegian salmon is the second highest December price ever. Prices for Scottish salmon normally attract a premium over those for the Norwegian product.
The news is not so good for producers in Chile and Canada.
Below five-year average
“If we look at prices in the US market for Canadian and Chilean salmon, they have fallen in recent weeks and are now significantly lower than last year, and also below the five-year average. We assume that normalised supply (i.e. increased) from Chile following the wave of strikes last month is the main reason for the fall in prices,” stated Nordea.
Nordea also sees trends in weaker prices for Chilean salmon in Brazil.
“Looking at the fish meal and fish oil market, prices have been stable last month despite a record high Peruvian quota for the second season 2019,” stated Nordea.
“Our impression is that the low prices earlier this autumn have stimulated demand in China. This is especially true of the aquaculture segment, which has increased production in line with declining pork supply following the illness [in swine] last year.”