April 24, 2008

China beef prices weaken after months of steady climb

China's beef prices dropped by 4.52 percent in March after steady increases were seen during the past ten months, the Ministry of Agriculture said Monday.

However, the prices, now averaging at RMB28.07 per kilogramme, surged by 65.35 percent on-year.

Fujian and Hunan provinces' beef prices were unchanged over February, but were as high as RMB37.52/kg and RMB35.18/kg respectively.

The beef prices in other Chinese, with the average decrease rate at approximately 5 percent.

Jiangsu and Sichuan provinces' beef prices remained low at RMB21/kg and RMB18/kg respectively.

US$1 = RMB6.99 as of April 24, 2008