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China's pork prices fall in June

Source:Xinhua Date:2021-07-27

BEIJING — Pork prices in China went down last month, official data showed.

The average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 20.01 yuan (about $3.1) per kg in June, down 16.6 percent month-on-month.

The price index dropped 54.1 percent compared with the same period last year, widening by 18.4 percentage points from the previous month.

Since the beginning of the year, hog prices in China have fallen sharply due to a significant improvement in supply and the decline in demand, prompting authorities to step in with multiple measures to stabilize the market.

In June alone, the National Development and Reform Commission (NDRC) had twice issued warnings for an excessive slump in hog prices, alerting pig farmers to adjust their plans to stabilize supplies.

The NDRC has also started to purchase pork to replenish the reserves at both the central and local levels, as an index monitoring pork prices has dropped below a warning level.

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