W17 Salmon Update: NQSALMON Decreased by 7.6% WoW, Declining Salmon Catch Forecasted in Russia, and Surging Norwegian Salmon Prices

Published 2024년 4월 30일

In W17 in the salmon landscape, the NQSALMON decreased by 7.6% WoW to USD 10.18/kg in W16. However, the prices have increased by 16.5% MoM due to reduced supply during the Easter holiday. In addition, Russia's Federal Fisheries Agency predicts a 47.7% YoY decline in wild salmon catch. It is estimated to be 320 thousand mt in 2024, with pink salmon being the highest at 193 thousand mt, coho salmon at 88 thousand mt, and sockeye salmon at 27.6 thousand mt. Furthermore, Norwegian salmon prices increased by 1.57% WoW to USD 12.48/kg in W17. Lastly, wholesale prices of fresh Atlantic salmon from Chile to Brazil decreased in W15 after seven weeks of price increases. Meanwhile, the prices for trim D Atlantic salmon filets in the US declined slightly while fresh Chilean Atlantic salmon prices in China increased significantly but are still lower than last year's price.

NQSALMON Dropped by 7.6% WoW in W16

According to a report by Foodmate in W17, the NASDAQ Salmon Index (NQSALMON) decreased by 7.6% week-over-week (WoW) to USD 10.18 per kilogram (kg) in W16. Despite this drop, prices have increased 16.5% month-over-month (MoM) due to reduced supply during the Easter holiday. The export volume in W16 dropped by 10% WoW and 27% YoY to 11.77 thousand metric tons (mt). Moreover, the accumulative exports in the past five weeks have decreased by 22% year-over-year (YoY) to 17.02 thousand mt.

Russia's Wild Salmon Catch Expected to Decline by 47.7% YoY

According to Russia's Federal Agency for Fishery, the wild salmon catch in Russia is anticipated to decline by 47.7% YoY to 320 thousand mt in 2024. The pink salmon catch is estimated at 193 thousand mt, the coho salmon catch at 88 thousand mt, and the sockeye salmon catch at 27.6 thousand mt. In 2023, Russia caught 609 thousand mt of salmon, the second-largest catch on record.

Norwegian Salmon Prices Increased by 41% in the Past Twelve Weeks

During W17, Norwegian salmon prices witnessed a slight increase of 1.57% WoW to USD 12.48/kg compared to USD 12.46/kg in W16. Over the last four weeks, the average salmon prices have increased by 27.37%, while in the past twelve weeks, they have increased by 41%. In W17, salmon weighing between 1 and 2 kg accounted for 0.7% of total sales, with an average price of USD 9.52/kg. Salmon weighing between 2 to 3 kg and 3 to 4 kg contributed 8.63% and 23.29% to total sales respectively, at an average price of USD 10.98/kg and USD 12.36/kg.

Chilean Salmon Prices Decreased in the US and Brazil, But Increased in China

According to a report in W17, the wholesale prices of fresh Atlantic salmon from Chile to Brazil dropped to USD 9.45/kg in W15, which is USD 0.25/kg lower than the previous week. This decline marks the end of seven weeks of price increases. The current price has increased by USD 0.36/kg compared to the prices in 2022, and by USD 0.65/kg compared to the prices in 2023.

Additionally, the average wholesale prices for trim D Atlantic salmon filets to the United States (US) were USD 6.28 per pound (lb) in W15, a slight decline from the previous week. Meanwhile, in China, the price of fresh Chilean Atlantic salmon weighing more than 6 kg has increased significantly to USD 13.85/kg including shipping and freight costs, which is USD 0.79/kg higher than in the previous week. However, this price is still lower than last year's by more than USD 2/kg.