July 19, 2010

South Korea's beef trade tepid on lower demand

South Korea has seen subdued beef trading last week due to sufficient beef stocks, seasonally low beef consumption and the weakening won, according to market sources.

As a result, prices for imported beef cuts in the Korean wholesale market remained unchanged or were unquoted due to inactivity. The holiday season from mid July to mid August may also add to slowing the trade, as some Korean importers take a break.

Beef exports from Australia to Korea from July 1-12 this year were steady at 4,424 tonnes swt - chilled beef accounting for 24%. While chilled beef's share of exports has declined, January to June volumes increased 29% on 2009.