Norwegian Salmon: Prices Ease, Weekly Exports Surge（Sep 1）
Norwegian Salmon Prices Ease 1.7%, Weekly Export Volume Hits One-Year High
Spot prices for Norwegian farmed Atlantic salmon continued to ease slightly, while export volumes showed no signs of slowing. Based on prices collected on Friday of Week 35 (August 24-30) for delivery in Week 36 (August 31-September 6), the FCA Oslo price for fresh head-on gutted salmon in the 3-6 kg commercial mainstream size was revised down 1.7% week-on-week. Multiple market participants contacted on August 28 generally reported price declines of only 1-2 NOK/kg, with some suppliers not adjusting prices at all. Nearly all of this round's decline came from large-size fish: the assessed drop for 3-5 kg fish was less than 1%, and the premium of large fish over small fish is narrowing.
European continent terminal prices moved lower in tandem. Over the Weekend 35 weekend, 3-4 kg DDP landed prices were reported at EUR 6.30/kg, 4-5 kg at EUR 6.50, 5-6 kg at EUR 6.65, and 6+ kg at EUR 7.30, all lower than the previous week. One exporter noted that 6+ kg fish destined for China traded at approximately 75-80 NOK/kg, above the price of the same size sold within Europe.
Compared with the moderate price decline, export volumes were far more robust. Norwegian Seafood Council (NSC) data showed that in 6 of the past 7 weeks, weekly export volumes of fresh whole salmon exceeded the same period in 2025, with Week 34 (August 17-23) marking the highest single-week export volume in at least a year. The average export price to the EU over the past 6 weeks remained elevated year-on-year, and export volumes were generally higher than last year. The engine behind this volume surge was China: export prices to China remained broadly high year-on-year, with export volumes notably stronger.
The Chinese market is adjusting to a new reality: among the latest harvested Norwegian salmon, large-size fish of 7 kg and above are noticeably scarcer than in previous generations. A Shanghai importer stated that they had learned that 7+ kg fish from the new generation are in limited supply, and Norwegian suppliers' offers for large fish remain expensive. Many channels had previously been accustomed to purchasing large-size fish at relatively low prices; the shortage of large fish is forcing downstream buyers to adjust their procurement structure. In the Shanghai wholesale market, 5-6 kg prices fell approximately 14% in Week 35, while other sizes saw smaller declines.
Downward pressure is building in the U.S. market. In the Week 35 wholesale assessment, small sizes saw selective declines, while large-size fillets and whole fish mostly maintained their existing price ranges: fresh D-pinbone fillets held flat across the 2-3, 3-4, and 4-5 lb ranges, and whole fish saw only the 5-6 kg small size drop by USD 0.10/lb. Market participants noted that raw material prices were stable to lower during the week, with weakness partially transmitted to small-size whole fish and fillets, but exchange rate movements buffered the pass-through of Norwegian price declines to U.S. replenishment costs. The market expects Norwegian prices to drop one more notch in the short term, particularly in large commercial sizes.
On the Chilean supply side, fresh fillet prices in the U.S. market moved slightly lower while whole fish held within range; frozen products continued to rise, with low-price offers largely disappearing after inventories tightened, 6 oz and especially 8 oz fillet portions were in tight supply, and the 12.5% Section 301 tariff continued to raise landed replenishment costs. For the Brazilian market, Week 35 Chilean salmon export prices fell again week-on-week; the road transport disruptions caused by last month's heavy snowfall in the Andes are easing, and sources report that trucking from Chile to Brazil has returned to normal.
European wholesale markets moved in divergent directions. The French Rungis market saw Norwegian salmon prices rise approximately 5% week-on-week in Week 35; Spain's largest seafood market in Madrid saw whole fish and fillets hold flat in Week 34; the Italian Milan market saw 3-4 kg and 4-5 kg prices virtually unchanged since Week 32, while 5-6 kg fell from EUR 14.00/kg in early August to only slightly above small-size prices. Scottish spot prices were broadly flat to slightly lower: 4-5 kg at GBP 5.90/kg, 5-6 kg at GBP 6.00, flat week-on-week; 6-7 kg at GBP 6.50, down from GBP 6.80 the previous week. At the Rungis market, Scottish 2-3 kg fresh whole fish prices rose in tandem with Norwegian prices.
