When buying fresh groceries downtown, Chinese customers are paying much more for their pork lately. Chinese pork dealers confirm that prices have been on the rise. Experts say pork prices will stay high and rise further in the short term due to a supply shortage, CGTN reports.
Pork butchers said the retail price of pork has gone up by two yuan per 500 grams since May, while a number of customers CGTN spoke to complained that they are now spending 300 to 400 Chinese yuan a month on buying pork, which is more than they used to.
African swine fever is to blame. The Ministry of Agriculture said that as of July 3, China had culled more than one million pigs trying to contain African swine fever.
Yang Zhongning, an investment consultant from Industrial Securities, expects pork prices to continue to rise in the short-term.
"There's still quite a gap between supply and demand in the market. Although we are importing pork from other markets to help ease the shortage, I'd say that's not enough," Yang said.
The consultant's view was also supported by research on hog farms, which showed that the number of marketable hogs is on the decline.
It is not only pork prices that are being affected, demand for soybeans, used as food for hogs, as well as other kinds of meat prices are also being affected.
The swine fever has cut down on China's soybean demand. China imported a total of 7.4 million tons of soybeans in May, 24 percent less than in the same period last year.