Beef price hits over two-year high, exceeding 71 yuan per kg
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According to data from China's Ministry of Agriculture and Rural Affairs, the national average wholesale price of beef reached 71.59 yuan per kilogram on September 21, hitting a two-year high. This marks a nearly 6% increase since early August and a nearly 9% rise year-on-year. In the 38th week (September 14-20), the weekly average was 71.08 yuan per kg, up 1.3% from the previous week and 8.4% higher than a year ago. Merchants cited by CCTV Finance attributed the price surge to demand pull and a decline in cattle inventory. Since the second half of 2023, continuous losses in cattle farming have driven capacity reduction, with national cattle inventory, slaughter, and output all declining. As of the second week of September, the national cattle price was 29.84 yuan per kg, up 1% month-on-month and 9.9% year-on-year. The Mid-Autumn Festival, National Day, and the fourth quarter are traditional peak consumption seasons for beef, expected to further boost demand. Zhuochuang Information forecasts that seasonal demand could increase by about 5%, and beef prices are likely to remain high, with the industry upcycle expected to last until 2027.
Source report
According to reports from China Business News and CCTV Finance, beef prices in China have risen significantly in recent weeks, driven by both demand-side factors and a decline in cattle inventory.
Key Price Data
- September 21: The average wholesale price of beef across national agricultural markets reached 71.59 yuan per kilogram, up nearly 6% since early August and approximately 9% year-on-year.
- Week 38 (September 14–20): The weekly average wholesale price stood at 71.08 yuan per kilogram, up 1.3% from the previous week and 8.4% higher than the same period last year.
Reasons for the Price Increase
Market vendors cited two main drivers:
- Rising demand during the consumption season.
- Reduced supply due to a decline in the beef cattle population.
Since the second half of 2023, continuous losses in cattle farming have led to a sustained reduction in production capacity. The national beef cattle inventory has fallen, with adjustments in stock, slaughter volume, and output. These structural changes in supply and demand have pushed beef prices upward.
Additional Market Indicators
- Second week of September: The national beef cattle price averaged 29.84 yuan per kilogram, up 1% month-on-month and 9.9% year-on-year.
Outlook
The Mid-Autumn Festival, National Day holiday, and the fourth quarter are traditionally peak seasons for beef consumption. According to Zhuochuang Information, demand during the consumption season typically increases by about 5%, and beef prices are expected to remain at high levels. The industry's upward cycle is projected to continue through 2027.
(Source: Blue Whale News)
Source
东方财富网-产业透视Eastern
Part of this Story
China beef prices hit two-year high at 71.59 yuan/kg on supply cuts and tariffs