The London Fish Exchange

LFEX European Aquaculture Snapshot to 21st November, 2025

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The LFEX Norwegian Exporters Index for Week 47 2025 ended the week DOWN -1.19 NOK / -1.44% to stand at 81.73 NOK (in EUR terms 6.97/ -0.14 / -1.94%) FCA Oslo Week ending Thursday vs previous Thursday.

The NOK rate ended UP at 11.73 (+0.06 / +0.51%) to the Euro over the period Thursday to Thursday. The Fish Pool Euronext future December was reported 6.95 EUR (+0.08 / +1.16%) Thursday to Thursday, approximately 81.52 NOK. January showing 7.65.

The Last Week

A pricing reversal. Momentum from week 46 pushed prices up strongly on the open on the basis of reduced inventory coming through this week. The index jumped 5.62% on opening or 4.66 NOK to 87.58. It didn’t last. The beauty of the index is that we can track the market across the week and get a good sense of direction of travel for prices. Monday came off a NOK to 86.43, Tuesday and Wednesday a similar story as prices tracked down. Thursday was a bit of a capitulation losing 3 NOK on the last trading day as the week recorded an overall and unexpected fall to close at 81.73. Top to bottom intraweek fall of 5.85 NOK / 7.16%. Too many / more than expected larger fish came through which had the effect of pushing the larger fish prices down, with 4/5s and 5/6s pricing the same by the end of the week and fish left over. Possible buyers couldn’t get to grips with such a quick price escalation.

FX rate saw over movement as the reverse of the prior week EURNOK rate picked up from the 11.67 close prior week to close out at 11.72. In reality the rate was pushed to 11.73 by Friday and was there or there abouts all week.

Spreads on the index compressed to 1.5 NOK on Friday as 4/5s and 5/6s combined, and reflection of bigger fish being priced down.

Next Week

Early indications around the offered indicative level of 80.4 NOK for the index which would put it continuing its downward trend and off a further 1.25 / 1.5 NOK from Thursday. A lot of unsold fish available today which is having an effect of complicating pricing for next week.

Spreads between 3/4s to 5/6s are around the 1.8 NOK level, with very little between 4/5s and 5/6s.

After claiming significantly over the past 12 hrs and hitting a peak of 11.85 the EUR NOK FX rate is this afternoon around the 11.825 level. This would give an indicative Euro index price around 6.80 EURO on offered levels later Friday – a decrease of 0.66 Euro versus this time last week.

Volumes – Fresh Export

Volume figure for week 46 (2025) was 23,488 tons UP 663 tons as compared to 22,825 in 2024 some 2.90 % HIGHER. Volumes for week 47 and week 48 (2024) were 23,333 and 25,376 respectively for comparison.

Historical Price Guidance for Next Week

The LFEX Norwegian Exporters Index for Week 48 2024 ended the week down -1.15 NOK / -1.32% to stand at 86.13 NOK (in EUR terms 7.39 / -0.14 / -1.83%) FCA Oslo. The NOK rate ended up at 11.66 to the Euro. The Fish Pool future November was reported up Thursday to Thursday 0.50 NOK / +0.63% at 80.5 NOK with Dec showing 86.50 up 2.5 NOK.

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

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