China is preparing to buy pork reserves again due to low prices

Published Feb 11, 2023

Tridge summary

China's Ministry of Agriculture and Rural Affairs has reported a decrease in the average pork price at agricultural wholesale markets, with a 9.8% decrease from the previous year and a further 6.1% decrease from the previous week. In response, China's National Development and Reform Commission (NDRC) issued a warning about excessive price reductions and initiated the central purchasing of frozen pork reserves, guided by the high price ratio of pork to food. This action is part of China's protocol to monitor and manage the price stability of essential food items, including pork which is a staple accounting for over 60% of the country's meat consumption. The current weak pork consumption and excess production capacity are expected to maintain low pork prices until April.

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

Original content

According to the supervision of the Ministry of Agriculture and Rural Affairs of China, on February 10, the average price of pork at agricultural wholesale markets across the country was 20.49 yuan/kg, down 9.8% compared to the previous year. with a week before (February 3). The average price this week was 21.22 yuan/kg, further down 6.1% from last week's price. On February 6, China's National Development and Reform Commission (NDRC) issued an early warning on domestic pork prices. Accordingly, the week from January 30 to February 3, the price ratio between pork and food nationwide was 4.96:1, reaching the highest level of alarm among the three levels, i.e. level 1 for the situation. excessive price reductions imposed by this country. Therefore, the NDRC will work with relevant departments to initiate the central purchasing of frozen pork reserves, and at the same time guide the collection of reserves at the same time in all localities. In China, when the price ratio between pork ...

Source: Vov