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China To Hold Second Auction Of Pork Reserves

Published on Sep 24 2019 1:00 PM in Supply Chain tagged: China / auction / Pork / China Merchandise Reserve Management Centre

China To Hold Second Auction Of Pork Reserves

China will auction 10,000 tonnes of imported pork from its state reserves on 26 September, according to a notice from the China Merchandise Reserve Management Centre on Tuesday.

The auction of frozen pork is the second to be announced so far this month as China, the world's biggest consumer of the meat, looks to ease supply shortages and price spikes caused by the spread of African swine fever through its hog herd.

China's retail pork prices were up more than 80% year-on-year at 41.90 yuan ($5.90) per kilogram in the second week of September, while wholesale prices have also risen 80.9% to 36.39 yuan per kilogram.

The Auction

The latest auction follows an earlier sale of 10,000 tonnes of reserve pork on 19 September, the results of which have not been made public.

It also comes in the week before China celebrates its National Day on 1 October, the start of a seven-day holiday in the country which sees many Chinese go out to eat in restaurants.

The meat on offer in the latest auction is from Chile, Denmark, France, Germany, the Netherlands, the United Kingdom and the United States, according to the notice.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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