Offshore beef market for China: Demand persists, yet wide gaps remain between buyer and seller price expectations

Brazilian exporters’ quotations for China vary widely by cut and plant, and there remains a substantial gap between sellers’ sales expectations and buyers’ bids. “Demand exists, but there is a big price gap,” one Chinese trader summarized.

Another market source in China noted signs of softening pricing for South American exports to China. “Prices fell by RMB 300 to 500 per tonne this week,” he said, equivalent to USD 45 to 75 per tonne. In his view, downward pressure stems from ample inventories of imported meat and weak domestic demand. The imported market stands in contrast to the domestic market, where supply and demand remain firm.

Among the surveyed reference quotations, 90VL beef forequarter and hindquarter were quoted at USD 5,800–6,000 per tonne (CIF, hereinafter the same), and 80VL beef trimmings at USD 6,000 per tonne. Chuck roll, clod and brisket were quoted at USD 6,500 per tonne.

For hindquarter cuts, semi-trimmed outside flat was quoted at USD 7,200 per tonne, while buyers’ target bids stood at USD 6,800 per tonne, a gap of USD 400 per tonne. 97VL eye round was quoted at USD 8,150 per tonne.

The above are reference quotations and not binding transaction prices. Wide divergences between buyers and sellers continue to hinder deal closures.

Many representatives from exporting enterprises will gather in Shanghai this week for the China International Import Expo (CIIE).

One Brazilian trader said a weaker exchange rate could improve exporters’ margins and create room for price cuts to facilitate sales. Even so, in his opinion, “overall demand is not in the best shape at the moment.”

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巴西出口商对华报价因部位和工厂不同而差异较大，而卖方销售预期与买方出价仍相距甚远。“需求是有的，但价格差距很大。”一位中国贸易商总结道。

另一位中国市场消息人士表示，南美对华出口业务中出现价格走弱迹象。“本周价格下跌了300至500元/吨。”他说，约合45至75美元/吨。他认为，下行压力的原因是进口肉库存充足，且国内需求疲软。进口市场的状况与国产市场形成对比——国产市场供需保持坚挺。

在调查到的参考报价中，90VL牛前和牛后报价为5,800至6,000美元/吨（到岸价，后同），80VL碎肉为6,000美元/吨。上脑、肩胛肉和胸肉报价为6,500美元/吨。

牛后部位肉方面，粗修大米龙报价为7,200美元/吨，而买方采购意向为6,800美元/吨，相差400美元/吨。97VL小米龙报价为8,150美元/吨。

上述参考为报价，并非必然成交价。买卖双方立场差距仍使成交难以达成。

本周，许多出口企业代表将齐聚上海，参加中国国际进口博览会（CIIE）。

一位巴西贸易商表示，汇率走弱可改善出口商的数据，并使其有可能下调报价以加快成交。但在他看来，“总体需求目前并不处于最佳时期。”

本文来源：领鲜云冻品