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Hanwoo Prices Continue to Rise in Korea

20 January 2014
Meat & Livestock Australia

SOUTH KOREA - Although the Lunar New Year, when seasonal demand for beef is high, is only two weeks away, wholesale prices for most imported beef items in Korea have been reportedly steady to lower over the last three weeks, according to Meat and Livestock Australia.

Relatively high stock levels of Australian product and continued weak demand from end users caused a three per cent week-on-week and four per cent year-on-year fall in Australian chuck roll prices, at KRW7,400/kg, with brisket prices down seven per cent year-on-year, to KRW6,500/kg.

Likewise, US short rib prices eased slightly by one per cent, on the past week, at KRW17,100/kg, but the price was still 22 per cent higher than last year.

MLA said that in contrast, Hanwoo carcase prices increased for the fourth consecutive week, this week increasing by one per cent on last week and nine per cent above last year, at KRW14,812/kg – the highest price since January 2011.

Nongmin Shinmun indicated that the steady price rise for Hanwoo product was assisted by a shift in Korean consumers’ meat preference, triggered by lingering concerns over fish products.

It has also been reported on SBS TV that while there is high Hanwoo price pressure for Korean retailers and consumers, the currently low supplies are not meeting rising demand.

TheMeatSite News Desk

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