China will release 10,000 metric tons of pork from its central reserves this week in a bid to stabilize soaring pork prices and cope with a swine fever crisis that has wiped out roughly one third of its pigs.
The frozen pork will be auctioned online on Thursday afternoon, China Merchandise Reserve Management Center, a state-owned company that manages the reserves, said in a statement on Tuesday. The pork is imported from the United States, the United Kingdom, Denmark, Germany, France and Chile. Major suppliers include American firms Smithfield, Clemens Food and Seaboard, as well as Denmark's Danish Crown.
China is starting to eat into its emergency reserves of porkThe Chinese pork market — the world's largest — has been ravaged by an outbreak of African swine fever. China has lost more than 100 million pigs in the last year, either because of disease or because farmers don't want to restock pigs after they die. The decline has driven pork prices up nearly 50% in the last year.
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