Ahead of the upcoming New Year celebrations in China on January 25, the state-owned warehouse company CCTV wants to put more frozen pork on the market to alleviate the tight supply situation.
China is currently experiencing an extreme shortage of pork because African Swine Fever (ASF) has wiped out at least 40% of the national pig population. China has already had to import enormous quantities of meat for this and will continue to do so.
Since mid-December, CCTV has already released more than 100,000 tons of pork from state reserves onto the market.
Consumer demand for pork is particularly high during the New Year celebrations. In the months from January to November 2019, China imported 1.7 million tons of pork, an increase of 57.9%. As prices doubled in November compared to the previous year, the inflation rate in China rose to an eight-year high.
On December 18, a kilo of pork cost the equivalent of € 6.58 at the counter in China.
Source
HANSA Terminhandel
