China to release more state pork reserves, live hog price declined significantly after government curbs – state planner

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China will closely monitor the live hog market, release state reserves of frozen pork at appropriate time, step up the release when necessary, and guide local authorities to release local reserves in the meantime, said spokesperson of the National Development and Reform Commission (NDRC), the top economic planner.

The NDRC will work with other government department to step up market regulation, safeguard normal market order and push live hog prices back to a reasonable range as soon as possible, he said.

China can ensure live hog and pork supply and prices are expected to maintain largely stable, with substantial rises unlikely to happen, he said.

Live hog prices in China have been trending higher in the second half of the year, and in particular, as some hog farmers were reluctant to sell on hopes of higher prices and due to rising demand during holidays, live hog prices jumped in the first half of October, he said.

The NDRC has taken a series of measures to curb the surging prices, including stepping up pork reserve releases, guiding hog farmers to maintain a normal slaughtering pace and strengthening market supervision, he said.

So far, the policy measures have taken positive effects and lie hog prices have decline significantly recently, he said.