Pig prices in China halved compared to the summer of 2020
In June, the average pork prices index in China has dropped 16.4% from the previous month, falling to $3.1 per kilo. This represents a fall of 54.1% compared to the same period last year, according to official data, presented by Xinhua news agency.
Since the beginning of the year, pork prices in China have fallen sharply due to a significant improvement in supply and a decline in demand, prompting authorities to intervene with multiple measures to stabilize the market.
In June, the National Development and Reform Commission twice issued warnings about an excessive drop in pig prices, warning pig farmers to adjust their plans to stabilize supplies. The agency has also started to buy pork to replenish stocks at the central and local levels, as an index monitoring pork prices have fallen below the alert level. Since January, pork prices in China have dropped by almost 70%.
Despite this downturn in the Chinese pork market, international analysts are expecting imports to remain elevated, as the Asian country is to have a pig meat deficit of 5 million tonnes, according to estimates presented by the Brazilian Association of Animal Protein (ABPA).
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