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China continues to break records with its beef imports, although it keeps prices down

Published May 22, 2024

Tridge summary

Chinese importers are using their market influence to keep beef prices low while increasing their purchase volumes, with China buying 224,000 tons of beef in April, a 22.4% increase from the previous year, and importing 817,000 tons in the first quarter, a historical high. Despite these record volumes, prices for certain cuts are nearly 20% lower than a year ago, suggesting prices may have bottomed out. Economic policies under Javier Milei's government necessitate higher beef prices for companies to regain profitability due to rising production costs. China, which accounts for about 30% of the global beef market, imports nearly 80% of its beef from local companies.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chinese importers know that they have the upper hand and that is why they put pressure on beef prices. The values remain low, but the volumes they buy are increasing. In April, China purchased 224,000 tons of beef, which meant a growth of 22.4% compared to the same month last year. Meanwhile, in the first quarter it imported 817,000 tons, which implied an increase of 23%. This is the highest historical volume for a quarter. The data was collected by the consultant Ignacio Iriarte in his traditional Livestock report and based on the statistics published by Chinese Customs. The livestock market specialist indicated that in the last 12 months the volumes of frozen boneless meat reached 2.9 million tons, setting a historical record. On the other hand, prices are still low compared to those they were months ago. Tons of cuts such as garrón and brazuelo were being paid around $4,200, almost 20% less than a year ago, although some analysts believe that a price floor would have been ...
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