April 10, 2009
Russia's beef imports on a gradual growth
Russia is slowly rising its beef imports, as it buys more from its main suppliers during March to replenish stocks and as the rouble stabilises against the US dollar.
Russia imported 31,021 tonnes swt of Brazilian beef during March, up 23 percent from February and up one percent on-year. FOB prices are slowly recovering and reached US$2,413 per tonne last month, but are still down 26 percent on-year due to the credit crisis.
Shipments from Uruguay increased 14 percent to 3,553 tonnes from February. Volumes and prices were down 57 percent and 20 percent on-year, respectively.
Australian beef exports to Russia also increased 43 percent from February to 999 tonnes, with 694 tonnes of it being chuck and blade volumes.
In the short-term Australian volumes to Russia are expected to remain low, as import prices for Australian manufacturing product are still 25-percent higher than South American product.
In addition, high idle capacities of reefer vessels from South America are seeing suppliers from this region benefiting from much lower shipping costs and transport times have nearly halved.
