Reasons for sharp increase in Chinese pig prices

The price of live pigs today, September 28, continued to decrease by 1,000 VND/kg, fluctuating between 55,000 - 57,000 VND/kg. The price of live pigs in China has increased sharply since the government intervened in the market by purchasing large quantities of meat for storage.

Pig price today September 28: Chinese pig price increased sharply. (Source: Cooky)

Pig price today 9/28

* The live pig market in the North recorded a decrease of 1,000 VND/kg.

Accordingly, Nam Dinh and Ha Nam provinces adjusted the transaction price down to a common level of 56,000 VND/kg.

The remaining provinces in the region have no new price changes compared to yesterday.

Today's live pig price in the North is around 55,000 - 57,000 VND/kg.

* Pig prices in the Central and Central Highlands regions decreased slightly in some places.

Currently, after slightly lowering the price, traders in Thua Thien Hue and Quang Binh are purchasing live pigs at the respective prices of VND55,000/kg and VND56,000/kg.

Live pigs in the remaining provinces are still traded at unchanged prices today.

Pig prices in the Central and Central Highlands regions range from 54,000 - 56,000 VND/kg.

* In the Southern region, pig prices also decreased following the general market trend.

Specifically, the price of live pigs in Hau Giang and Tra Vinh is 53,000 VND/kg, the lowest in the region - down 1,000 VND/kg.

The two provinces of Bac Lieu and Can Tho both reduced prices, currently anchored at 55,000 VND/kg and 56,000 VND/kg.

The price of live pigs in the Southern region today fluctuates between 53,000 - 58,000 VND/kg.

* Pig prices in China have increased sharply since the government intervened in the market by purchasing large quantities of meat for storage.

“Not long ago, pork was still very affordable. But now the price has skyrocketed and I have stopped buying it,” said a food company employee in Tianjin, adding that pork ribs have increased in price by nearly 30% this summer.

“The reason for the sharp rise in pork prices is the Chinese government’s increased purchases for stockpiling,” said Li Xuelian, senior analyst at Marubeni Research Institute.

In July, the Chinese government bought 20,000 tons of pork to replenish its national reserves, the second such purchase this year, following a purchase in February 2023.

Pork is a major commodity in China, accounting for about 60% of the country’s total meat consumption. In 2022, when pork prices rose sharply, the government released pork reserves into the market to stabilize prices.

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