Average prices for the majority of Australian beef cuts in Korea’s wholesale market from 1-20 June this year are lower year-on-year, largely a reflection of the reduction in beef demand.
Korean market insiders commented that there was some product discounts offered in the wholesale market again this week.
Reportedly, Korean banks have become somewhat more hesitant in providing loans to beef importing companies, with low turnovers affecting their ability to repay outstanding loans.
The average price for a Hanwoo carcase in the wholesale market this month is, however, more than 15% higher on June in 2011 (HKJM).
Hanwoo price levels have remained firm this year, but well below 2010 levels, despite slowing beef demand and a 39% rise in Hanwoo slaughter from January to April (Nonghyup).
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