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17

2023

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06

Market Feedback on Chinese Beef Spot Market This Week

Source:

OIG+X

The import beef spot market showed positive signs this week, with a narrowing decline in prices. Some cuts showed a trend of price stabilization, and a few downstream traders began to make moderate purchases. The earlier panic sentiment has significantly eased. The purchasing volume increased compared to last week, primarily driven by packaged cuts.

The import beef spot market showed positive signs this week, with a narrowing decline in prices. Some cuts showed a trend of price stabilization, and a few downstream traders began to make moderate purchases. The earlier panic sentiment has significantly eased. The purchasing volume increased compared to last week, primarily driven by packaged cuts.

 

There was an increase in the behavior of selling packaged cuts in separate ways in some markets, with individual cuts such as neck meat and shoulder meat being particularly popular recently. There was still a continuous inflow of old stock with production dates in 2022, but the willingness of buyers to purchase products that are only halfway from their expiration date has significantly decreased. As new stock products continues to arrive at the port, the attractiveness of old stock products will diminish, leading to greater price reductions. June is coming to an end, and universities will gradually begin their summer breaks. Consequently, there will still be a period of insufficient consumer demand in the near future.

 

Some of the quotation prices of beef futures products: Brazilian beef knuckle at 5,100 US $/T, outside flat at 5,100 US $/T; Argentina chuck tender at 5,900 US $/T, beef shin at 5,500 US $/T; Uruguayan topside flat with cap at 4,800 US $/T, beef eyeround at 6,100 US $/T.