September 8, 2017 / 12:29 PM / 17 days ago

Norway salmon price could hit 20-month low next week -sources

OSLO, Sept 8 (Reuters) - The price of Norwegian farmed salmon is expected to drop to a 20-month low of around 48 crowns per kilo next week from 50-51 crowns in the current week, although uncertainty remains high, industry sources told Reuters on Friday.

“There is a clear correction down. Prices are not finally settled but salmon of 3-6 kilos seems to be at around 48 crowns for Oslo delivery,” said a producer who declined to be named.

He added that buyers had tried to push prices even lower.

“Available volumes are increasing and it was more difficult (to obtain high prices) towards the end of this week. Next week volumes will increase even further,” the producer said.

An exporter of salmon confirmed prices were falling.

“Prices are dropping a bit ... It’s too early to conclude. Prices vary a lot and it’s a little bit of a confusion,” he said.

Salmon prices peaked at around 80 crowns per kilo in early January and have since remained volatile.

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.

Production costs are at around 32-33 crowns per kilo.

Supply constraints supported prices in the first half of 2017, ahead of an expected increase in volumes later in the year.

Leading Norwegian producers include Marine Harvest, Salmar, Leroy Seafood, Grieg Seafood and Norway Royal Salmon. (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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