Chinese boneless beef retail prices averaged RMB49.16/kg (A$7.60/kg) in October, an increase of 25% year-on-year and 17% higher than at the start of the year (Ministry of Agriculture of the People’s Republic of China).
In contrast, both pork and chicken retail prices during October fell 19% (RMB 24.07/kg, A$3.70) and 7% (RMB 17.06/kg, A$2.65/kg) year-on-year, respectively.
The Hong Kong Wenweipo Newspaper also reported that the beef price rise has driven Chinese consumers to shift toward chicken and pork, also indicating that Chinese domestic beef prices are expected to remain high for an extended period.
According to the report, Chinese domestic shin/shank prices have increased 10% since January.
Australian shin/shank shipments to China during October were up 180% year-on-year, totalling 1,033 tonnes swt (Department of Agriculture, Fisheries and Forestry).
Total Australian shin/shank exports to China for first ten months of 2012 were up 139% year-on-year, to 3,784 tonnes swt.
Bone-in sheepmeat retail prices for October also increased 21% year-on-year, to RMB54.29/kg (A$8.40/kg).
