February 18, 2011

South Korea's beef prices drop 20% on FMD

Prices of South Korean beef, or "hanu," have fallen around 20% due to the nationwide spread of foot-and-mouth disease.

The Agriculture Ministry on Thursday said that 500 grams of top-grade South Korean beef sold for KRW36,335 (US$32.61) in November last year, which was before the highly contagious disease hit the nation.

However, the price stood at KRW29,469 (US$26.44) on Wednesday (Feb 16), down 18.9%.

Meanwhile, pork prices went up over the period, as 500 grams of domestically produced medium-quality pork belly meat, or "samgyeobsal," is currently selling at KRW10,650 (US$9.56), up 28% from KRW8,311 (US$7.46).

The ministry said that 197 farms had suspected cases of FMD as of Wednesday. Thus far, FMD cases have been confirmed at 147 farms.