Weekly Overview: Chinese Pork Price Spike Can Be Controlled
ANALYSIS - Although pork prices are expected to remain high in China for the rest of the year, an official from the Ministry of Commerce has said that the rise in price is controllable.
9 May 2016
2 minute read
By: The average wholesale pork price hit 25.8 yuan (US$3.96) per kg a couple of weeks ago, up 14.1 per cent from the price registered at the beginning of the year.
Xinhua News Agency reported that after almost three years of price falls, pork prices have been rising for about a year, but this rise has slowed since March 2016.
To replenish the supply of pork on the market, the ministry and 12 local governments including Beijing, Zhejiang and Shaanxi have increased the supply of frozen pork from reserves since December 2015.
Altogether, about 150,000 tonnes of pork reserves have been released onto the market. Pig supplies should also increase as farmers choose to raise more pigs due to rising prices in the past year, said the MOC.
In other news, Puerto Rico has opened its market to pork from Brazil.
Francisco Turra, Brazil's chief executive of ABPA, welcomed the announcement and commented: "This is an achievement that will further strengthen the Brazilian industry."
