Recently, the market price of Norwegian Atlantic cod has shown an astonishing upward trend, reaching a record high. According to data, the auction price of Norwegian Atlantic cod with heads and guts removed (H&G) continued to climb during the period from May 6 to 12 (week 19). In particular, some transaction records show that the landed price of this batch of cod shipped to China has reached as high as US$7,000 per ton.

A SUROFI executive confirmed this price trend, revealing that at the auction on May 6, the transaction price of H&G cod 1-2.5 kg was NOK 69.60 per kg, and pointed out that the supply on the market has decreased significantly since then.

From April 30 to May 14, SUROFI's average price showed that the price of H&G cod 1-2.5 kg was stable at NOK 66.85 per kg.

In terms of sales in northern Norway, data from Norges Rafisklag showed that the price of 1-2.5 kg cod in week 19 rose by 2% month-on-month to NOK 66.48 per kg. However, landings were relatively low at 119 tonnes.

Meanwhile, sources revealed that in week 19, prices for 1-2 kg Russian Atlantic cod were stable at around $5,000 per tonne CFR China. This price difference is mainly due to a 20% reduction in the Barents Sea quota and a comprehensive US ban on Russian fish, including fish processed in China. These factors have made the price of Norwegian cod more than $2,000 per tonne higher than the Russian cod at the beginning of the year.

In another variety, SUROFI also traded a batch of H&G haddock weighing more than 800 grams on May 6 at NOK 42.05 per kg, which translates to $4,300 per tonne CFR China. However, sources said this is likely to be just a short-term peak. According to Norges Rafisklag, prices for haddock softened in week 19. Although the landing volume of haddock over 800 grams fell by 83% month-on-month to 177 tons, its price fell by 3.35% to NOK 33.72 per kilogram.

Currently, sources pointed out that the average CFR China price of Norwegian H&G haddock over 800 grams remains at around US$3,600 per ton, while the price of Russian haddock from 500 grams to 1 kilogram is US$3,100 per ton. These data show the strong demand and price trend of Norwegian cod and haddock in the global market.