China is putting 10,000 tonnes of pork on auction
Authorities in China decided to put on auction 10,000 tonnes of frozen pork from the state reserves. The auction is to be held on September 19 and local companies are allowed to bet for a maximum of 300 tonnes, according to CNN.
The Chinese pork market, the world's largest, has seen a spike of 50% in pig meat prices due to a decline in production generated by the African Swine Fever (ASF) situation in the country. in the last 12 months, China has lost more than 150 million pigs, representing 30% of its hog population, which equals 15% of the world's pig herd.
Currently, the Asian country imports 25% of the global meat volumes in a desperate attempt to control the animal protein crisis in the domestic market. This isn't the first time when authorities decided to put in the market different volumes of pork from the state reserve. Also, families that can't afford to buy pig meat for their meals have received a total of $452 million in subsidies from the government. Analysts are saying that the government still holds a reserve of one million tonnes of frozen pork in its cold storage units.
The auction is to be held online and it is organized by China Merchandise Reserve Management Center.