"Huge amount s" of fresh fish -- in particular cod -- are flooding the European market, Steinar Eliassen, managing director of the Troms-based company Norfra, told Kyst og Fjord.
Norway' s exports of fresh cod in the first months of the year until now, have skyrocketed more than 80 percent compared to 2012, to 24,000 metric tons, compared to just under 13,000 metric tons last year.
Low margins on salted fish and record cod quotas as well as lower salmon supply opens opportunitíe for fresh cod suppliers, Eliassen said.
As a result prices are pushed down "to the bottom," he said. "In the UK fresh fish market cod now goes for only NOK 7," he said, adding he can barely remember seeing prices this low.
Erik Inge Larsen, CEO at Ice Fish, told the news website the situation is "chaotic"
He expects the market to calm down next week as many buyers and sellers are at the Brussels seafood show.