The EU has ramped up sales to the Asian giant, while Argentina and Brazil have approved new export plants to meet demand
London/Beijing — China is scouring the world for meat to replace the millions of pigs killed by African swine fever , boosting prices, business and profits for European and South American meatpackers as it reshapes global markets for pork, beef and chicken.
"It is very good news for those involved in processing and have licences for exports to China," said Justin Sherrard, global strategist for animal protein at Rabobank. One of the biggest European players, Danish Crown said there had been a very clear jump in demand from China in the run-up to the Lunar New Year and it was bullish on the outlook for 2020.
Nicholas Lafontaine, a cattle rancher from the town of Azul, 300km southwest of Buenos Aires, said China had traditionally taken cheap cuts with premium steaks destined for the EU. "China is the market paying the highest premiums for Brazilian meatpackers," Luciano Pascon, CEO of privately-owned meatpacker Frigol, said in an interview.Hefty tariffs on American pork imposed by China as part of the ongoing trade conflict are likely to mean that the U.S. industry will benefit less than its rivals.
"A lot of our other competitor countries are obtaining the market share that naturally would have been ours if we didn't have the retaliatory tariffs," said Thiele, president of the Iowa Pork Producers Association.Imported pork ribs currently cost about 40,000 yuan per tonne, compared with 17,600 yuan in early 2019, traders said, while prices for other cuts such as pig front leg and rib meat have roughly doubled in that period.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global markets antsy over US-China trade deal doubtsSources say the trade truce plan has met with US opposition, with European and Asian stocks retreating from the previous session’s highs
Read more »
Oil rises on optimism about US-China trade dealUS crude inventories rose by 7.9-million barrels but the Opec secretary-general sees a brighter market outlook for 2020
Read more »
Asian stocks crimped by delay in US-China talksLack of concrete progress in trade war discussions dents confidence
Read more »
SA needs the rest of the African continent as much as it needs usThreats of violence were the last thing on my mind as I got up to deliver, at a small community centre in Cologne, Germany, a speech condemning xenophobia and racism in modern society.
Read more »
Global markets antsy over US-China trade deal doubtsSources say the trade truce plan has met with US opposition, with European and Asian stocks retreating from the previous session’s highs
Read more »
WATCH | Bok gees has even reached a beluga whale in the Arctic CircleThe clip, which South Africans are claiming as a celebration of the Springbok win, shows the whale retrieving the ball after it is thrown into the water.
Read more »