Total Amount of Beef Imports in China Are Expected to Reach a New Record in 2022

The General Administration of Customs China (GACC) recently issued data showing that the volume and quantity figures are relatively similar from September 2022. Based on data from the previous ten months, the overall amount of beef imports is expected to reach a new high in 2022, reaching 250K MT, accounting for USD 1.6B (CNY 11.5B), and the average price of USD 6,496/MT (CNY 45.9K/MT) in October 2022 while the figures for September 2022 are 250K MT, accounting for USD 1.6B (CNY 11.4B), and the average price of USD 6,454/MT (CNY 45.6K/MT). Meanwhile, there is a significant spot commodity inventory on the market since the continued slowdown in consumption. The market is worried about how long it will take to consume the inventory and whether beef prices will collapse.