JBS, Marfrig Shares Tumble as China Launches Beef-Import Probe
Live Mint-- Shares of JBS SA, the world’s biggest meat company, and other Brazilian beef producers slumped on the news that China is starting a probe into its imports of the meat, which have surged in recent years. The Asian country, the world’s largest beef buyer, will decide if a surge in shipments from overseas has hurt the domestic industry, the Ministry of Commerce said Friday. The investigation, launched at the request of China’s domestic industry associations, is likely to end within eight months, but may be extended under special circumstances, according to a statement on the ministry’s website. Brazil accounts for almost half of China’s total beef imports, and the Asian country holds similar signifcance for Brazil, typically purchasing nearly half the nation’s exports of the meat. In Argentina, the head of Argentine beef industry group Ciccra Miguel Schiariti said the nation is a much smaller exporter and therefore less likely to be targeted by any potential tariffs from China.
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