August 22, 2008
Beef prices rise in Hong Kong
Whole beef prices inched up in Hong Kong during August, partly due to the return of US beef to South Korea.
US frozen barbeque items and Brazilian chilled loin cuts have the highest increases. The return of US beef to South Korea has increased Brazilian cattle prices and demand for Australian and New Zealand beef from other markets.
US frozen boneless short ribs surged 47 percent on-year in August to HK 140 per kg while US chuck roll prices rose 33 percent on-year to HK 60 per kg.
Brazilian chilled ribeye prices in August jumped 45 percent on-year to HK 58 per kg, while Australian chilled ribeye values climbed 13 percent on-year to HK 90 per kg. Te price of New Zealand chilled ribeye also increased 15 percent to HK 92 per kg.
US$1 = HK 7.8078 (August 22, 2008)
