China to auction frozen pork from state reserves for second time in eight days
China plans to auction 30,000 tonnes of frozen pork from central reserves on 15 January, shortly after 20,000 tonnes of pork was released on 7 January.
12 January 2021
3 minute read
By: Reporting from China’s Global Times explains that the auction comes amid rising pork prices ahead of the Lunar New Year holiday. Economic data shows a 6.5 percent increase in pork prices from December 2020.
"Seasonally stronger pork demand toward the end of the year (especially amid the services sector recovery), tighter regulations for meat shipments across different regions in China, and limited pork imports due to the worsening COVID-19 situation in overseas markets may have jointly contributed to higher prices between December from November, Nomura said in a report it sent to the Global Times.
Though China has made significant efforts to stabilise its pork market, prices remain volatile and the industry has yet to recover from multiple outbreaks of African swine fever.
