W8 Salmon Update: Price Stability in Norwegian Salmon Market, US Extension for Russian Seafood Imports

Published 2024년 3월 1일

In W8 in the salmon landscape, the NQSALMON data for W7 showed stable prices for fresh Atlantic salmon from Norway, with the average price at USD 10.33/kg, marking a slight 0.47% WoW decrease but an 11.27% MoM increase. Over the past 12 weeks, prices rose by 28.6%. In a separate development, the US Treasury Department extended permits for Russian seafood imports until May 31, 2024, under specific conditions, allowing the completion of previously arranged transactions amidst sanctions imposed following the conflict in Ukraine.

Norwegian Salmon Prices Remain Stable After Recent Rise

Data from the Nasdaq Salmon Index (NQSALMON) tracking weekly sales of fresh Atlantic salmon from Norway reveals that prices remained relatively stable in W7, following a period of gradual increase. The average price per kilogram (kg) of Norwegian salmon in W7, stood at USD 10.33, representing a slight decline of 0.47% week-on-week (WoW). Despite the WoW decrease, the average price has risen by USD 1.05 or 11.27% month-on-month (MoM), indicating an overall upward trend. On a wider timeframe, the average price has increased by USD 2.86 or 28.6% compared to the past twelve weeks.

Prices varied across different weight categories, with salmon between 1 to 2 kg experiencing a slight increase to USD 7.15. In the 2 to 3 kg and 3 to4 kg segment, there are price increases of USD 0.18 and USD 0.15, respectively. The 4 to 5 kg category saw a price increase of USD 0.14. Prices for salmon between 5 to 6 kg and 6 to 7 kg experienced declines of USD 0.28 and USD 0.57, respectively.

US Extends Permits for Russian Seafood Imports Under Specific Conditions

The United States (US) Treasury Department has issued a temporary license authorizing imports of certain Russian seafood products, including salmon, cod, pollock, and crab. Valid until May 31, 2024, this license applies specifically to transactions finalized before December 22, 2023, where the seafood was already loaded onto vessels by February 20, 2024.

The US, alongside other nations, imposed sanctions on Russia following the start of the conflict in Ukraine. These sanctions initially targeted the import of Russian seafood directly, impacting US markets. In Dec-23, the US tightened these sanctions, extending limitations to include fish caught in Russia and processed or re-exported through third countries. This stricter measure was intended to halt Russian seafood imports by the end of Feb-24.

The newly issued license represents a temporary exception to the tightened sanctions, allowing the completion of previously negotiated and documented seafood import transactions. This decision potentially reflects considerations of potential seafood supply shortages within the US, particularly for species like cod and crab.