November 12, 2010

China releases second pork reserve to curb price hike

China's Ministry of Commerce (MoC) said Wednesday (Nov 10) it would put on market the second batch of reserve pork soon to meet increasing domestic demand and curb soaring price.

According to the MoC statistics, pork wholesale prices in major Chinese cities averaged at RMB17.95 (US$2.71)/kg during the first 10 days of November, an increase of 3.94% from the same period of September.

The average retail prices of lean pork came to RMB24.54 (US$3.70)/ kg, up 2.21% from the same period of the previous month.

The MoC would follow closely pork and live hog price changes and take timely measures to regulate the market, it said.