Group 1 - The import beef market has shown a significant rebound, with mainstream product prices increasing by approximately 200 yuan per ton, indicating a strong recovery trend [1] - The wholesale beef market has also experienced a price increase of 2 yuan over the past 10 days, leading to intense competition among slaughterhouses due to rising demand and tight supply [2] - Regional price disparities are evident, with beef prices in Beijing and Tianjin ranging from 55 to 64 yuan per kilogram, while prices in Shanghai and Jiangsu reach 66 to 110 yuan per kilogram, reflecting varying consumer demand and economic conditions [2] Group 2 - The price of live cattle has reached 12 to 15 yuan per pound (24 to 30 yuan per kilogram) as of August 6, with farmers holding back on sales due to rising prices, further tightening supply [3] - The domestic beef supply gap is widening due to high feed costs, which have increased by 8% year-on-year, leading to reduced cattle farming and lower stock levels [4] - The Ministry of Commerce has initiated an investigation into import beef safeguard measures, raising market expectations of potential import restrictions, prompting traders to stockpile beef [5] Group 3 - The regional market shows significant price differences, with the East China region becoming the core area for price increases, while North China maintains a more stable price trend [6] - The upcoming festive season is expected to boost demand, with chain restaurants increasing high-end beef purchases, contributing to price increases in the high-end market [5] - The outlook for the beef market suggests a search for a new supply-demand balance, with short-term price adjustments expected but limited declines, supported by strong consumer demand [7]

Economic Overview - South Korea's new president, Lee Jae-myung, has pledged to initiate an emergency economic task force to achieve a virtuous economic cycle through national finances [1] - The Consumer Price Index (CPI) for May was reported at 116.27, reflecting a year-on-year increase of 1.9%, which is below the Bank of Korea's 2% inflation target [1][3] - The economic outlook is grim, with many financial institutions lowering their growth forecasts for South Korea due to ongoing trade tensions with the U.S. [1][5] Inflation and Price Trends - Core CPI, excluding food and energy, rose by 2.0% year-on-year and 0.2% month-on-month, indicating persistent inflation in personal services [3] - Prices for petroleum products fell by 2.3% year-on-year, with gasoline and diesel prices decreasing by 3.5% and 5.5%, respectively [3] - Agricultural and livestock prices saw a slight increase of 0.1%, while the fresh food index dropped by 5.0% year-on-year [3] Government Response and Fiscal Policy - The South Korean government approved a supplementary budget of 13.8 trillion KRW (approximately 725.7 million RMB) to mitigate the impact of U.S. tariffs and stabilize prices [4] - The Bank of Korea has revised its economic growth forecast for the year down to 0.8%, significantly lower than previous estimates [4][5] - The new administration is expected to implement fiscal stimulus measures to support strategic industries and enhance the stock market [9] Trade Relations and External Pressures - The U.S. has increased tariffs on steel and aluminum, which poses a significant challenge for South Korea's export-driven economy [8] - South Korea is the fourth-largest steel exporter to the U.S., accounting for 13.1% of U.S. steel imports, and is facing increased export pressure due to the tariff hikes [8] - The ongoing trade negotiations with the U.S. are seen as critical for the new government's success [7][9] Market Reactions - Following the announcement of the new government, the yield on South Korea's 10-year government bonds rose by over 10 basis points to 2.90% [9][10] - Analysts predict that bond issuance may exceed initial plans, with estimates suggesting issuance could reach 230 trillion KRW in 2025 [9] - The Bank of Korea has lowered the benchmark interest rate from 2.75% to 2.5%, with expectations of further reductions by year-end [10]