Mainland Beef to Cost More in Markets
HONG KONG - The price of beef in wet markets will cost more after the sole supplier of mainland cattle Ng Fung Hong decided to raise its wholesale price tag by 10 percent.
24 October 2007
1 minute read
One retailer said the move means he will have to put his prices up by more than 15 percent to HK$56 a catty.
The supplier said the increase was agreed after a meeting with beef trade representatives yesterday.
"It's necessary to adjust prices to ensure a stable supply to Hong Kong in response to the surging price of live cattle in the mainland," Ng Fung Hong said in a statement.
The supplier, a unit of China Resources Enterprise, increased prices by the same amount in August after the central government said the price of cattle had jumped more than 40 percent this year because of shortages.
Hong Kong Beef and Mutton Merchants' Association director Chung Siu-kai said the wholesale price rise will be transferred to customers.
He said the live cattle supply yesterday covered only 90 percent of local demand. Chung said he was worried the price increase will affect sales.
Kowloon Beef and Mutton Merchants' Association chairman Yip Siu-kei said the price of live cattle has jumped to more than HK$1,800 per 100 catties from HK$1,300 at the beginning of the year.
Source: The Standard
