Chinese market update – all quiet for now

The Chinese market for imported pork is still somewhat moribund, at least at the moment. Import demand has been weak in the first couple of months of the year. However, although wholesale meat prices have been broadly steady, there are the faint signs of an upturn in both pork prices and the price of live pigs.

Market reports suggest profitability has been extremely poor for pig producers in recent months, and slaughter has increased as some exit the market, further depressing prices.

Market analysts CNAGRI expect pig prices to stabilize in the short term. Pig prices dropped sharply recently because of the resurgence of COVID-19. On 13 April, the Department of Agriculture and Rural Affairs of Guangdong Province published a notice suspending the transfer of pigs for slaughter from other regions from 1 May, which pushed up pig prices in southern China.

Even with the May Day holiday, household consumption was expected to see little growth, and pork supply was expected to be sufficient overall to meet demand. COVID-19 is a wider issue for China at the moment, with strict lockdowns already in place in some areas and the world watching if Beijing will be next to experience restrictions.

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