Beef prices plunge in China as demand wavers
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Beef prices in China have reached a five-year low due to wavering consumer demand and a slowing economy. Wholesale prices have dropped 18% from last year's peak to around $8.53 per kilogram. The government is pushing farmers to increase production and open the door for more imports. China's beef imports have increased by 23% in the first five months of 2024, with the aim of boosting relations with countries like Spain and Brazil. However, overall demand in China is easing, expected to be just 0.4% in 2024. The country is also facing a demand slump post-COVID, with major food retailers reporting a drop in sales and a production glut across industries.

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https://www.wionews.com/business-economy/beef-prices-plunge-in-china-as-demand-wavers-737345