Icelandic Atlantic Cod Auction Prices: Trends and Insights for Week 51, 2024

As the holiday season approaches, Icelandic auction prices for Atlantic cod have surged to record highs, driven by constrained supply and robust seasonal demand. Current trends and historical data offer valuable insight into what stakeholders can expect during Week 51, 2024.

What's happening?

Sharp price increases for most size groups

• 5 kg and above: Week 50, 2024 prices reached $4.88/kg, a 30.1% increase over 2023 and 60% higher than 2022.
• 2-5 kg: Prices climbed to $3.77/kg in Week 50, a 31.8% year-on-year rise.
• Less than 2 kg: Smaller cod rebounded to $3.03/kg in Week 50, up 40.3% from 2023.

Declining auction volumes

• 5 kg and above: down 81.9% in Week 49.
• 2-5 kg: fell 91.8% in Week 49.
• Less than 2 kg: declined 45.8% in Week 49.

Buyers compete for limited supplies

With the holiday season underway, demand for Icelandic cod is peaking, particularly for larger fish. Buyers, including exporters and retailers, are competing for limited supplies.

Trends to watch in Week 51, 2024

Based on historical trends and current year-on-year growth rates:

• 5 kg and above: expected $5.63-$5.88/kg, a likely 25-30% increase over 2023.
• 2-5 kg: expected $4.96-$5.14/kg, a 30-35% rise as buyers compete for limited supply.
• Less than 2 kg: expected $3.62-$3.77/kg, a 20-25% increase driven by processing and retail needs.

The Oceans of Data perspective

December 2024 is shaping up as a record-breaking month for Icelandic Atlantic cod auctions. Robust holiday demand, constrained supply, and the premium positioning of Icelandic cod are driving significant price increases across all size groups. While prices may stabilize after the holiday peak, current trends suggest sustained high values heading into 2025.