The London Fish Exchange

LFEX European Aquaculture Snapshot to 9th January, 2026

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The LFEX Norwegian Exporters Index for Week 2 2026 ended the week DOWN -12.77 NOK / -13.24% to stand at 83.66 NOK (in EUR terms 7.10 / -1.04 / -12.80%) FCA Oslo Week ending Thursday to Thursday (yesterday).

The NOK rate ended DOWN at 11.78 (-0.04 / -0.51%) to the Euro over the same period. The Fish Pool Euronext future February was reported FLAT at 8.32 EUR same period for comparison.

The Last Week

Prices tanked. The first full week back after New Year saw prices dropping as the week progressed. Friday opening saw the offered index nudge down 1.26 NOK / -1.2% to 95.27 which many would have considered strong. However, Monday did not capitulate but edged down a further 1.2 NOK as prices were managed. The real signs of softness started to come on Tuesday as prices continued to slip by a larger amount, a little over 2 NOK. Damage was done on Wednesday and Thursday as prices dropped to 87.53 Wednesday and finished on the low of the week at 83.66. Top to bottom nearly 13 NOK. Reasons sighted for the drop start with bigger fish (6+) being in plentiful supply pushing prices lower, more volume coming through from the bigger producers than expected, prognosis not lining up with harvesting (bigger fish), snow causing logistical issues in Europe and corrective price activity versus the recent Christmas price hikes.

The FX rate softened this week as well, off from the 11.84 levels and down to 11.725 Wednesday. The rate has popped up small to close at 11.78 yesterday.

Spreads have completely more than reversed this week which started 5 NOK wide, have come in to less than 1 NOK with the larger fish 5/6s offered lower than the 4/5s in reaction to the large volumes of bigger fish available.

Next Week

Early indications showing prices around the 82 NOK level for the index as we head into the new week. That puts us down small (-1.50 NOK) from Week 1 close yesterday of 83.66. The same issues are concerning the market as we go into week 3 with 6+ fish in good supply pricing below 5/6 and suppressing prices, and logistics issues in Europe continue to cause problems. The demand side of the picture remains unclear.

Spreads are sitting at just under 1 NOK 3-6, although pricing is pretty flat between weight classes at the moment,

The EUR NOK FX rate is this afternoon hovering around the 11.76 level down 0.02 since yesterday, having bottom this morning at 11.73. This would give an indicative Euro index price around 6.97 EURO on offered levels Friday.

Volumes – Fresh Export

Volume figure for week 1 (2025) was 13,496 tons UP 2132 tons as compared to 11,364 in 2025 some 18.75 % HIGHER. Volumes for week 2 and week 3 (2025) 15,939 and 17,325 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 3 2025 ended the week down -15.85 NOK / -14.47% to stand at 93.66 NOK (in EUR terms 8.01/ -1.31 /-14.03%) FCA Oslo. The NOK rate ended down -0.06 NOK /-0.51% at 11.69 to the Euro. The Fish Pool Euronext future February was reported at 9.40 EUR.

David Nye’s technical analysis report will be published on Monday.

Did You Know?

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