Salmon prices fell by more than 5% last week as the fallout from the Ukraine conflict began to be felt.

But according to several analysts the underlying trend is up, with demand continuing to outstrip supply.

The latest figures from Statistics Norway for week 11 of this year (13-19 March) show fresh salmon prices at NOK 78.28 (£6.87) per kilo, down by 5.9% on week 10.

However, the figure is still appreciably higher than any level reached last year, when the price peaked at around NOK 64 (£5.61) a kilo just before Christmas.

The highest 2022 figure, according to Statistics Norway, was NOK 87.92 a kilo just before the outbreak of hostilities in Ukraine in week 8.

Some reports suggest they could be heading back in that direction with reports that some farms have been offered around NOK 87 (£7.63) a kilo for larger fish.

The approach of the Easter holiday could further push up prices unless international events take a turn for the worse.

The Ukraine war does not appear to be hitting sales as exports during week 11 totalled 17,326 tonnes, an increase of 3.5% on week 10.

Frozen salmon prices also fell, down from NOK 77.26 (£6.78) a kilo to NOK 68.99 (£6.06) although volumes rose by 50 tonnes to 252 tonnes.

Statistics Norway says fish sold on contract, which is generally lower than that achieved on the spot market, are also included in its figures.

The price farmers are paid is usually around NOK 1.5 (£0.13) lower per kilo than the Statistics Norway price, according to Mowi’s Salmon Farming Industry Handbook 2021.

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