China: Beef prices plunge, raising one cow costs 5,000 yuan

Published 2024년 6월 26일

Tridge summary

The price of beef in China has significantly decreased due to an oversupply, benefiting consumers but causing substantial losses for cattle farmers, especially low-end producers. Despite a steady increase in beef consumption and production, with China being the second largest beef consumer globally, many farmers face financial challenges due to high breeding costs and low market prices. The fragmented nature of the industry and competition from cheaper imported beef exacerbate these issues. The Ministry of Agriculture and Rural Affairs is working to stabilize the industry through support policies and ensuring feed supply. Concerns about food safety and the use of harmful drugs in cattle breeding also persist.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Chinese people's "beef freedom" came unexpectedly. Since the beginning of this year, the price of beef has continued to decline. China News Weekly visited the Beijing market and found that the price of beef in many places has approached the price of pork. In a Yonghui supermarket in Haidian District, Beijing, the price of fresh beef is 29 yuan per catty, while at the pork stall not far away, the premium fresh-cut pork belly costs 24 yuan per catty. Wumart is the largest chain supermarket brand in Beijing. According to a staff member of a Wumart hypermarket in Xicheng District, Beijing, the current chilled cucumber strips (especially beef hindquarters) are only 31 yuan per catty, which was at least 40 yuan per catty last year. In the wholesale market, the price of beef can be even lower, basically in the "2-digit". A merchant in Beijing Xinfadi Market said that the current price of beef is 24 yuan per catty, which is 6 or 7 yuan lower than at the beginning of the year. ...

Source: FoodChina