Beef prices continue to be under pressure from rising production and slow consumer demand.
Korean news sources reported that Hanwoo (native Korean) beef sales in Lotte Mart (major retailer) from March to June this year decreased 10 per cent year-on-year, despite lower prices.
Prices, however are expected to fall further in the second half of this year due to rising slaughter and subdued demand. Consumer demand ahead of Chuseok (Harvest Festival) on 30 September will be crucial in clearing both domestic and imported beef stocks in the market.
Yonhap News reported that the Hanwoo National Association and Hanwoo Board will partner with 11 major Korean retailers to launch the largest Hanwoo promotional campaign in history throughout 1,274 stores, with discounts from 30-50 per cent to stimulate consumption during summer.
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