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FT.storyTools.defaultTwitAct = { "name": "ftfinancenews" }; //]]> </script> </div> <script>FT.$doc.trigger("pgObjStop", {key: "4"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "1"});</script> </div> <div class="master-column middleSection " data-zone="middleSection" data-timer-key="5"> <div class="master-row contentSection " data-zone="contentSection" data-timer-key="6"> <div class="master-row editorialSection" data-zone="editorialSection" data-timer-key="7"> <script>FT.$doc.trigger("pgObjStart", {key: "7", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "8", keyType: "el"});</script> <div class="fullstory fullstoryHeader clearfix" data-comp-name="fullstory" data-comp-view="fullstory_title" data-comp-index="0" data-timer-key="8"> <p class="lastUpdated" id="publicationDate"> <span class="time">May 4, 2016 11:27 am</span></p> <div class="syndicationHeadline"><h1>China releases pork reserves as prices of pigs fly</h1></div> <p class="byline "> <span>Hudson Lockett in Hong Kong</span></p> <div class="newStoryToolsContainer clearfix"> <div class="clearfix ft-new-story-tools-box"> <ul id="ft-new-story-tools-top" class="newStoryTools"> <li class="newStoryToolButton newShareButton"> <a href="#" class="o-overlay-trigger newShareButton" id="newShareBtn_top" data-o-overlay-src="#newShareHtmlOverlay_top" data-o-overlay-id="newShareHtmlOverlay_top" data-o-overlay-arrow-position="top"> <i class="o-ft-icons-icon o-ft-icons-icon--share"></i> <span>Share<i class="o-ft-icons-icon o-ft-icons-icon--arrow-down"></i></span> </a> <script type="text/template" id="newShareHtmlOverlay_top"> <div class="newShareOverlay"> <div class="newShareList"> <ul class="clearfix"></ul> </div> <div class="letter"> <ul> <li class="sendEmail emailButton" id="anc-email-this-top" data-enhanced="true"> <a href="#"> <span> <i class="o-ft-icons-icon o-ft-icons-icon--email"></i> Email </span> </a> </li> <li class="reprintButton"> <a 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class="newStoryToolButton clipButton" id="clipthis-container-top"> <a href="https://web.archive.org/web/20160506054642/http://clippings.ft.com/clipthis/?url=http://www.ft.com/cms/s/0/8777ec96-11cf-11e6-91da-096d89bd2173.html&title=China+releases+pork+reserves+as+prices+of+pigs+fly&note=Pork+prices+hit+record+levels+on+rising+demand%2C+pushing+up+inflation&clipthisdisplay=%3Ci%20class%3D%22o-ft-icons-icon%20o-ft-icons-icon--clippings%22%3E%3C%2Fi%3E%3Cspan%3EClip%3C%2Fspan%3E&clippeddisplay=%3Ci%20class%3D%22o-ft-icons-icon%20o-ft-icons-icon--clippings%22%3E%3C%2Fi%3E%3Cspan%3EClipped%3C%2Fspan%3E&datepublished=2016-05-04+11%3A27%3A0&images=http%3A%2F%2Fim.ft-static.com%2Fcontent%2Fimages%2Fceea8c18-ba21-4f62-b800-5bd4ad870f2b.img,"> <i class="o-ft-icons-icon o-ft-icons-icon--clippings"></i> <span>Clip</span> </a> </li> <li class="newStoryToolButton guestpass"> <a class="guestPassButton" href="#"> <i class="o-ft-icons-icon o-ft-icons-icon--gift"></i> <span>Gift Article</span> </a> <div id="guestPassOverlay_top" title="Gift Article" class="guestPassOverlay"> </li> <li class="newStoryToolButton comments"> <a class="commentsButton" href="#ft-article-comments"> <i class="o-ft-icons-icon o-ft-icons-icon--speechbubble"></i> <span>Comments</span> </a> </li> </ul> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "8"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "9", keyType: "el"});</script> <input type="hidden" name="headline" id="headline" value="China releases pork reserves as prices of pigs fly"/> <div class="fullstory fullstoryBody" data-comp-name="fullstory" data-comp-view="fullstory" data-comp-index="1" data-timer-key="9"> <div id="storyContent"><div class="fullstoryImage fullstoryImageHybrid article" style="width:600px"><span class="story-image"><img alt="A buyer examines and selects pig carcasses to purchase for the morning food markets at a wholesale center on the outskirts of Shanghai, China, on Friday, July 15, 2011. China's commerce ministry will release pork reserves at an appropriate time to help stabilize prices of the meat, ministry spokesman Yao Jian said at a regular briefing in Beijing today. Photographer: Qilai Shen/Bloomberg" src="https://web.archive.org/web/20160506054642im_/http://im.ft-static.com/content/images/ceea8c18-ba21-4f62-b800-5bd4ad870f2b.img"/><a href="https://web.archive.org/web/20160506054642/http://www.ft.com/servicestools/terms/bloomberg" class="credit">©Bloomberg</a></span></div><p>Pork prices in <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/world/asia-pacific/china" title="China news headlines - FT.com">China</a> are at record levels even after Beijing pledged to decant some of its reserves on to the market this week in an attempt to tamp down the cost of the staple protein. </p> <p>When it comes to pig meat, China leads the world in terms of both supply and demand. But the swelling ranks of the middle class have put pork on more dinner tables every year — <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/67b1da74-576d-11e5-a28b-50226830d644.html#axzz47aoxahys" title="Pork pushes China consumer inflation to a 12-month high - FT.com">and driven up inflation</a>.</p> <div class="insideArticleShare"><ul></ul></div><div class="shareArt"><div class="story-package" data-track-comp-name="moreOn"><div class="insideArticleCompHeader"><h3 class="insideArticleCompHeaderTitle">More</h3></div><h4>On this topic</h4><ul><li data-track-pos="0"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/4477bdc6-1293-11e6-bb40-c30e3bfcf63b.html">China fertiliser maker defaults on bond</a></li><li data-track-pos="1">EM Squared <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/3/0d1dca46-1220-11e6-91da-096d89bd2173.html">China trade barriers won’t stop ecommerce</a></li><li data-track-pos="2">Fast FT <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/fastft/2016/05/04/beijing-taps-emergency-pork-reserves-as-prices-hit-record-high/">Beijing taps emergency pork reserves</a></li><li data-track-pos="3"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/fe50f19e-1113-11e6-91da-096d89bd2173.html">China crackdown opens gap in economic data</a></li></ul><h4>IN Commodities</h4><ul><li data-track-pos="4"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/fa529348-12c8-11e6-839f-2922947098f0.html">Noble shrinks size of asset-backed loan</a></li><li data-track-pos="5"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/b6a0840a-12d4-11e6-839f-2922947098f0.html">Iron ore below $60 as China frenzy cools</a></li><li data-track-pos="6"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/da6de480-12a3-11e6-839f-2922947098f0.html">Wildfires consume Canada oil sands centre</a></li><li data-track-pos="7"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/cms/s/0/1978a158-12ac-11e6-91da-096d89bd2173.html">Chile’s salmon sector hit by algae bloom</a></li></ul></div></div><p>In March pork was singled out after prices rose 28.4 per cent year-on-year, contributing 0.64 percentage points to headline inflation of 2.3 per cent.</p> <p>China, home to the world’s biggest foreign currency reserves, also keeps a trove of other commodities at the ready, including oil, grain and pork. </p> <p>However, its stocks are seen as negligible compared with annual consumption: last year a US Department of Agriculture report described the market impact of the government’s stock purchasing programme as “insignificant”, noting it “generates more of a psychological effect than an actual market impact”.</p> <p>That is cold comfort for policymakers, as the spot price for a kilogramme of pork in China has surpassed the 2011 peak thanks to a dearth of breeding sows and growing domestic consumption that have driven record imports of Chinese consumers’ favourite meat from foreign farms.</p> <p>Spot pork prices in China hit Rmb20.9/kg on Wednesday, up 4.5 per cent from the previous week’s starting level of Rmb20 and up 24.4 per cent for the year to date. </p> <p>That is feeding through to shops and diners. The average wholesale price for a kilo of pork in China rose to Rmb26.45 for the week ended Friday, up 0.8 per cent on the week, according to the Ministry of Agriculture. Even that was short of the average price for pork belly meat in 50 Chinese cities compiled by the National Bureau of Statistics, which had hit a record Rmb32.12 as of the week of April 15.</p> <p>On Tuesday the Beijing municipal government unveiled an unprecedented release of 3.05m kg of frozen pork reserve into the capital’s market over two months starting on Thursday in an attempt to lower prices it said had risen 50.6 per cent month on month, according to state news agency Xinhua. </p> <p>Beijing will also provide subsidies of up to Rmb9 per kg of pork to vendors. Subsidies will also be used to encourage 20 per cent more pigs to be slaughtered during the same period. </p> <p>The real constraint on policymakers’ ability to rein in prices is the limited breeding capacity of China’s hog farms. </p> <p>By as early as March 2015 the US Department of Agriculture was forecasting China’s swine herd would decline to 420m due to the exit of small-scale operations, a lack of government incentives, high feed prices and disease outbreaks that prompted farmers to cull their herds. </p> <p>At last count in January, China’s total stock of sows was just shy of 38m, down from a peak of more than 50m in late 2012. </p> <p>As a result, imports are surging, up 90 per cent in the year to end-March to a record 286,093 metric tonnes, according to figures from the General Administration of Customs — still a sliver of total pork consumption nationwide, which last year came in at more than 57m tonnes. </p> </div><div class="insideArticleRelatedTopics ft-spc-btm-full" data-track-comp-name="relatedTopics"><h2 class="ft-heading ft-heading-medium">Related Topics</h2><ul class="ft-list ft-list-plain ft-list-wrapping"><li class="ft-list-item" data-track-pos="0"><a href="https://web.archive.org/web/20160506054642/http://www.ft.com/topics/places/China">China</a>,</li><li class="ft-list-item" data-track-pos="1"><a href="https://web.archive.org/web/20160506054642/http://www.ft.com/topics/themes/Agricultural_Commodities">Agricultural Commodities</a></li></ul></div> <p class="screen-copy"> <a href="https://web.archive.org/web/20160506054642/http://www.ft.com/servicestools/help/copyright">Copyright</a> The Financial Times Limited 2016. 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