China's pork prices continue to dip

BEIJING - Pork prices in China continued to edge down last week as supply increased and demand softened, official data showed.

From April 20 to 24, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 43.01 yuan ($6) per kg, down 0.8 percent week on week.

The price retreat came as the government has been taking multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

China has released another 7,942.21 tons of frozen pork from its central reserves to increase market supply and stabilize pork prices, the National Development and Reform Commission said Tuesday.

China has finished 12 batches of pork release after the Lunar New Year holiday, the commission said in an online statement.

To soften the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans to major pig-producing counties to restore production.