China releases 17,000 tons of central pork reserves

BEIJING -- China released 17,000 tons of frozen pork from its central reserves Wednesday to increase market supply and stabilize prices, the Ministry of Commerce (MOC) said.

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

Prices of pork, a staple meat in China, have soared as the African swine fever battered the hog industry, driving up inflation. Prices began to stabilize after the country rolled out multiple measures, such as increasing subsidies to restore hog production, releasing frozen pork reserves and expanding imports.

Pork prices in China rose last week as bullish sentiment motivated pig farms to reduce the supply of hogs, official data showed Tuesday.

From July 6 to 10, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 50.6 yuan ($7.23) per kg, up 6.8 percent week on week.