China releases 20,000 tons of pork from state reserves

BEIJING - China on Thursday released 20,000 tons of pork from its central reserves in a bid to increase supply and stabilize market expectations, according to the Ministry of Commerce.

The release was jointly arranged by the MOC and other authorities including the National Development and Reform Commission and Ministry of Finance.

From Feb 17 to 21, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 50.85 yuan ($7.1) per kg, down 0.7 percent week-on-week.

Despite the price retreat recorded last week, prices of pork, a staple meat in China, have been soaring in recent months, mainly caused by African swine fever and cyclical factors.

Pork prices surged 116 percent in January from one year earlier, and together with other food price rises, pushed the growth of the consumer price index to its highest level in more than eight years.

The ministry said more frozen pork reserves would be put onto the market in the future.