May 13, 2008

China pork prices to stay high due to earthquake

China's pork prices are likely to remain high due to the earthquake that hit the major hog producing Sichuan province Monday, a brokerage said Tuesday (May 13).

Sichuan is China's biggest hog producer, with its output accounting for 11 percent of the country's total output, said Industrial Securities in a note.

An earthquake measuring 7.8 on the Richter Scale struck Wenchuan county in the southwestern Sichuan province Monday afternoon and was felt in many Chinese cities, including Beijing, Shanghai and Chongqing.

Traders said it was too early to assess the exact impact on the agricultural sector, as the situation in the main earthquake-hit areas isn't known yet.