China's pine nut prices reach record high

It is China’s pine nut harvest season and purchasing prices are skyrocketing. In September, pine cone purchasing prices still stood at around five to six Chinese yuan per jin ($1.56 to $1.88 per kilogram), but they have now risen to 11 yuan per jin ($3.44 per kilogram). If it is assumed that three jin of pine cones produces one jin of pine nuts, then the purchasing price of pine nuts is now equivalent to a record-high price of over 30 yuan per jin ($9.39 per kilogram). On the wholesale market, pine nut prices have reached 80 yuan per jin ($25.03 per kilogram). Meihekou County in Jilin province is Asia’s biggest pine nut distribution center as well as home to China’s largest pine nut processing facility. The county produces up to 100,000 metric tons of pine nuts annually, which corresponds to 80% of China’s total output. In recent years, however, the county’s production has been unable to keep pace with increasing market demand, causing buyers to procure pine nuts from other ...