SOUTH KOREA - With Chuseok in Korea this year earlier than last year, demand for US short rib amongst Korean traders has reportedly been improving.
According to Meat and Livestock Australia analysts, US short rib prices have continued rising for the past two weeks, with the price this week registering another one per cent week-on-week increase, at KRW16,500/kg – the highest since later January this year when demand was heightened just before the Lunar New Year.
Korean traders are reportedly monitoring price movements carefully, with expectations of further rises in US short rib prices.
While the weekly prices for the rest of imported beef stayed steady on the past week in general, it has been reported that interest in imported beef from Korean traders is likely to increase in the second half of the year.
Hanwoo carcase wholesale prices were up one per cent week-on-week and jumped 22 per cent year-on-year, at KRW14,520/kg. Similar to US short rib, the weekly price bounced back to similar levels to mid-January this year.
Pork carcase prices eased three per cent on the past week, at KRW6,093/kg. However, the price was still 34 per cent and 72 per cent dearer than the same week last year and from the start of this year, respectively.
Reportedly, the continued high pork prices have attributed to a shift in consumer preference from pork to beef.
TheMeatSite News Desk