Ungutted Cod Hits Two-Year Price High Following Drop in Landings

Icelandic cod landings were almost unchanged from week 41 to week 42 (−3.5%), and so was the average auction price (+1.4%). On the surface, a quiet week.

But it is a quiet week in a tight market. Across weeks 41–42, cod landings averaged 2,940 tonnes a week in gutted-weight equivalents, 21% below the weekly average for weeks 41–44 last year. The average auction price was ISK 679/kg, up 18% against the same 2025 reference period.

The picture changes when landings are broken down by product form. From week 41 to week 42, ungutted cod landings fell 52%, while gutted cod landings were up 11%, measured in gutted-weight equivalents.

Auction prices then moved in opposite directions. In the first two days of week 43, ungutted cod reached ISK 821/kg (USD 6.76/kg) at auction, up 18% from week 42 and the highest weekly reading since October 2024. Gutted cod traded at ISK 664/kg (USD 5.47/kg), down just 1.4%.

For most of this year, ungutted cod traded at a discount to gutted. That changed in early September, and ungutted has traded at a premium every week since. Now the premium is 23.5%.

Will the premium hold when ungutted supply comes back?

Source: Oceans of Data, based on official Icelandic landings and auction data. Week 43 is preliminary and covers 19–20 October 2026 only.