This year’s domestic pork prices experienced gradual decline in the beginning of this year followed by strong rebound since April. In September, the overall prices still kept spiking.
According to the Ministry of Agriculture, until 13^th October, China’s wholesales pork price stood at 33.8 RMB per KG, marking a highest point since May 2021. The pork price was increased by threefold compared with that of March. The supply-demand status gave rise to the price jump. From June 2021 to April 2022, there had been a surplus of supply amid soaring feed cost, which resulted in deficit in the market. A lot of pig farmers chose to close down their business or scale down production hence the sharp decline in hog supply and price increase.