Lowest live pig price at 47,000 VND/kg, China's domestic demand is weak

The price of live pigs today, December 16, in the South decreased by 1,000 VND/kg, fluctuating between 47,000 - 51,000 VND/kg.

Pig price today, December 16: The lowest pig price is 47,000 VND/kg, the demand of Chinese people is gradually decreasing. (Source: Vnxpress)

Pig price today 12/16

* Pig prices in the North have no new fluctuations.

Currently, live pigs in Yen Bai and Thai Binh continue to be purchased at 51,000 VND/kg - the highest in the region.

The remaining localities continue to purchase at prices ranging from 49,000 - 50,000 VND/kg.

Today's live pig price in the North is around 49,000 - 51,000 VND/kg.

* Pig prices in the Central and Central Highlands regions are stable.

In particular, localities including Ha Tinh, Binh Dinh, Dak Lak and Ninh Thuan maintained transactions at 47,000 VND/kg.

Other provinces continue to purchase at 48,000 VND/kg and 49,000 VND/kg.

Currently, the purchase price of live pigs in the Central and Central Highlands regions is around 47,000 - 49,000 VND/kg.

* Pig prices in the South decreased sporadically by 1,000 VND/kg.

In detail, the two provinces of Hau Giang and Soc Trang both reduced 1,000 VND/kg to 48,000 VND/kg.

Pigs in other provinces and cities did not record any price adjustments.

The price of live pigs in the Southern region today is between 47,000 - 51,000 VND/kg.

* According to financial group IG (Singapore), China's pig farming industry is witnessing a prolonged oversupply and weak domestic demand.

China's pork output is expected to reach 55.4 million tonnes in 2022, an eight-year high, official data show. Pork output in the third quarter of 2023 rose 3.6% year-on-year.

During the period 2018 - 2021, African swine fever in this country caused pork prices to increase by more than 100%. The sharp increase in meat prices has prompted many businesses and households in the country of a billion people to boost livestock farming, leading to the current oversupply situation.

Additionally, although China is a major producer and consumer of pork, local demand is declining as more people opt for healthier alternatives, such as poultry and beef.

The Chinese government has tried to stem the decline in pork prices by launching three rounds of reserve purchases this year. However, hog prices in the country have still fallen sharply.

Pork consumption in the world's second-largest economy typically increases during the winter months as people salt and prepare for the Lunar New Year, but many analysts say demand will be weak this year.

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