Several small wet markets will have no fresh pork to sell today after a sudden decision by main supplier Ng Fung Hong to auction live pigs sent prices to new highs, prompting at least 30 distributors to boycott the sales.
Pork buyers said only suppliers to the big wet markets and big supermarket chains ParknShop and Wellcome were able to buy pork at such prices during the auction yesterday.
At Quarry Bay market, consumers had to pay HK$30 to HK$36 a catty (600 grams) - about HK$2 more than usual.
Ng Fung Hong raised wholesale prices on November 27 by an average of 8 per cent, to HK$13 a catty, or HK$21 a kg, because of 'surging mainland prices'. The crisis has been going on for at least two months. Prices of live pork have risen 40 per cent this year.
The company yesterday suddenly switched from a quota system of allocation to an auction process.
Pork buyers said auctions would drive prices sky-high and that not all buyers would be able to obtain stocks. At least 30 buyers warned they may continue the boycott today unless Ng Fung Hong reverses its policy.
The buyers, who met representatives of Ng Fung Hong last night, will resume talks with the company this morning.