Slight increase in imported beef stocks in China

Imported beef held in cold storage in China rose moderately in May compared to the previous month, according to the index compiled by the monthly publication of OIG+X.

The index, set at 100 in January 2024, stood at 80 in May, a few points above April; in May 2024 it was very close to 100.

OIG+X projects that in June “consumption is expected to remain weak due to rising temperatures and the lack of holiday-driven demand,” and adds that “burdened by inventory costs, the market is likely to trend sideways to slightly weaker in the short term.”

In May, the wholesale price of beef in China increased for the third consecutive month; after hitting a low of around US$ 8 per kilo in February, it rose to nearly US$ 9 per kilo in May, according to OIG+X.