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Price of Norwegian farmed salmon drops

OSLO - The average price of Norwegian farmed salmon is expected to drop 3-5 crowns next week to 57-59 crowns per kilo after five weeks of rising prices almost reaching all-time highs, industry sources told Reuters on Friday.

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OSLO - The average price of Norwegian farmed salmon is expected to drop 3-5 crowns next week to 57-59 crowns per kilo after five weeks of rising prices almost reaching all-time highs, industry sources told Reuters on Friday.

"The buyers are saying "no" to the record high prices. In Oslo, prices are at 58-59 crowns, down five crowns from this week," one salmon producer who declined to be named said.

A fish exporter, who also declined to be name, confirmed prices were down.

"We expect prices to drop 3-4 crowns to 57 crowns in Oslo next week. The market is still strong but it has its limits and we are beyond that limit now," the exporter said, referring to the almost all-time-high prices seen this week at around 62-64 crowns per kilo.

Salmon prices, measured in Norwegian crowns, hit a record of around 65 crowns per kilo in early January, driven by high demand, limited output and weakness in the Norwegian currency.

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Production costs are estimated at around 29 crowns per kilo on average, according to the Norwegian Seafood Council.

Norway is the world's top salmon exporter, with leading producers including Marine Harvest, Salmar, Leroy Seafood, Grieg Seafood and Norway Royal Salmon. 

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