The London Fish Exchange

LFEX European Aquaculture Snapshot to 16th January, 2026

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The LFEX Norwegian Exporters Index for Week 3 2026 ended the week DOWN -1.26 NOK / -1.51% to stand at 82.40 NOK (in EUR terms 7.03 / -0.07 / -1.0%) FCA Oslo Week ending Thursday to Thursday (yesterday).

The NOK rate ended DOWN at 11.72 (-0.06 / -0.51%) to the Euro over the same period. The Fish Pool Euronext future February was reported DOWN at 8.15 EUR (-2.04% / 0.17) for the same period for comparison.

The Last Week

Stability in prices. Week 2 volumes record exactly 21,000 tons, some 31.5% / 5000t higher than the previous year and goes some way to explaining the drops we saw (along with a variety of other reasons detailed in last week’s report). This week we have seen a much calmer picture overall with index offered pricing hovering around the 82 level. Friday saw a small drop of 1.65NOK / -1.97% as prices continued week 2’s slide. Monday a minor pick-up (and the first up day since 19th December) although only to 82.28, and this was given back on Tuesday at 81.32 and the low of the week. Wednesday and Thursday saw small pick-ups to 82.05 and 82.4. Larger fish causing downward price pressure as 5/6s came-in lower than 3/4s and 4/5s on Thursday as the week closed out.

The FX rate softened this week, a fairly linear drop from 11.78 to 11.72.

Spreads have remained around 1.25 / 1.5 NOK through to Wednesday when we saw the pricing reversal as 5/6s fell below smaller fish. The spread being around 1 NOK with 5/6s at the low end of the range.

Next Week

Early indications showing prices around the 81.5 NOK level for the index as we head into the new week. That puts us down small (-1.00 NOK) from Week 2 close yesterday of 82.4. Prices are trending flat. There is good availability of fish, larger fish still applying pressure and demand is not pushing up prices.

Spreads are sitting around 0.5 NOK 3-6, with 4–6’s similar pricing.

The EUR NOK FX rate is this afternoon hovering around the 11.72 level which is flat from yesterday. This would give an indicative Euro index price around 6.95 EURO on offered levels Friday.

Volumes – Fresh Export

Volume figure for week 2 (2026) was 21,000 tons UP 5061 tons as compared to 15,939 in 2025 some 31.5 % HIGHER. Volumes for week 3 and week 4 (2025) 17,325 and 15,564 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 4 2025 ended the week down -0.89 NOK / -0.95% to stand at 92.77 NOK (in EUR terms 7.90 / -0.11 / -1.37%) FCA Oslo. The NOK rate ended up +0.05 NOK /+0.43% at 11.74. The Fish Pool Euronext future February was reported down at 9.10 EUR.

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

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