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Korean Meat Demand Spikes Ahead of Harvest Festival

11 July 2014

SOUTH KOREA – Wholesale trade in Korea has been rejuvenated by the build-up to a religious harvest festival.

Recent ‘quiet’ months of trading have turned with a 5 per cent weekly rise in US short rib, report market analysts at Meat and Livestock Australia, as Chuseok draws near.

Short rub values have reached KRW 17,300/kilogram, only four per cent lower that November’s record prices last year. 

Australian chuck roll jumped 8 per cent on the past week to KRW 7,800 kilograms.

Rump, one of the most popular Korean cuts, also rose strong, although at KRW 300/kilogram stayed three per cent below last year’s highs.

With some price improvement registered this week, Korean traders reportedly continue monitoring demand for Australian product from other markets, as well as watching the current unstable in-market situation primarily driven by price fluctuation of domestic pork and Hanwoo beef.

Hanwoo beef carcase prices were up 3 per cent week-on-week and 23 per cent year-on-year, at KRW15,001/kg.

The Hanwoo beef carcase prices have reached the KRW15,000/kg levels first time since mid-January 2011.

Pork carcase prices remained steady on the past week but were 37 per cent and 71 per cent above last year and the start of this year, respectively. However, the price was still 12 per cent below the same week in 2011, when the pork prices were influenced by the FMD outbreak in Korea.

TheMeatSite News Desk

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