News

South Korean beef prices continue to fall, quick measures need to be taken

Frozen Bone-In Beef
Meat
South Korea
Market & Price Trends
Published Feb 23, 2024

Tridge summary

The Korean beef industry is facing a crisis as the average wholesale price of Korean beef remains below production costs. Despite a slight increase to 16,489 won per kg after the Lunar New Year from 14,000 won per kg, the price is still not covering production costs. Experts anticipate a further decline in prices due to an expected increase in beef slaughter post-Lunar New Year. Both the industry and government are being called upon to devise immediate solutions to this issue.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

After the Lunar New Year, the price rose to 16,489 won per kg, but it is still below the production cost. As the average wholesale price of Korean beef continues to be below production costs, at around 16,000 won as of the 15th, voices are growing concerned about a decline in Korean beef prices. According to the Livestock Product Quality Evaluation Institute, the average wholesale price of Korean beef fell to 14,000 won per kg on the 8th, before the Lunar New Year. It appears to have risen after the Lunar New Year, hitting 16,489 won on the 15th, but the price is still far below the production cost. In particular, experts predict that the increase in Korean beef slaughter will continue after the Lunar New Year, so this decline in Korean beef prices is expected to continue for the time being. GSnJ predicted that although the backlog of slaughter animals will be partially resolved due to the increase in slaughter during the Lunar New Year peak season, the increase in the number of ...
Source: Aflnews
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