November 26, 2007

Buoyant demand for Australian beef in South Korea

Demand for beef remained strong in South Korea's wholesale market last week with prices for Australian product remaining firm.

There was particularly strong interest in short rib cuts, as well as for chuck roll and clod. However, trade activity softened compared with the previous week due to tight supply in the market and high prices affecting consumption by end users.

According to the retailers, such as hypermarkets and department stores, chilled beef sales continued to increase as a result of recent Australian beef promotions.

Export enquiry for Australian beef remained buoyant, with trade expected to remain firm for the rest of the year, in preparation for the peak beef consumption period in Korea over Christmas and Lunar New Year.