Pig prices in the EU are falling due to coronavirus impact
The impact of the Chinese New Year holiday and the coronavirus outbreak in China have impacted the EU pig prices at the beginning of this month. The average price in the single market has lost €10 to average €182.54/100kg. The Netherlands has seen the biggest drop in price (-€19.89), followed by France (-€17.00), Belgium (-€13.00), Germany (-€11.65), and Poland (-€10.66).
"Logistical difficulties, including temporary restrictions imposed on transporting meat between provinces, have reportedly delayed the delivery of imports. In the short-term, China's demand for imports could be negatively affected. Industry reports suggest pork demand, particularly out of the home, could be reduced. This may affect EU pig prices for some weeks," believes Duncan Wyatt, Lead Analyst at AHDB.
However, demand for pork in the Chinese market is expected to remain strong for the rest of the year as the decline in China's national pig inventory will accelerate due to the impact that coronavirus suppose to have on restocking efforts. Meantime, in China, pork prices have increased, with average quotation jumping from 48.25 CNY ($6.91) to 51.46 CNY ($7.37). The highest price was reported in the province of Sichuan, 57.45 CNY ($8.22), whilst the lowest was in Tianjin 47.48 CNY ($6.80), a variation that can be explained by the temporary restrictions on transporting meat between the provinces.
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