Government to cut Chuseok hanwoo beef prices by up to 52%

Ahead of Chuseok, hanwoo Korean beef will go on sale at discounts of up to 52 percent off regular prices. Under the No. 1 rating, sirloin will sell for 7,590 won per 100 grams, brisket for 4,300 won, and bulgogi and stew cuts for 3,310 won or less.

The Ministry of Agriculture, Food and Rural Affairs said Thursday that it will run the "So(u)prise Korea Hanwoo Beef Discount Event" together with the Hanwoo Self-Sufficiency Fund, NH Agri Business Holdings and the Korea Hanwoo Association, running for 13 days from Sept. 12 to Sept. 24 at about 490 stores nationwide, both online and offline.

Participating outlets include Hanaro Mart stores run by agricultural and livestock cooperatives, hypermarkets and major online shopping malls. The discount period may vary by retailer depending on inventory and store conditions.

The discounted items are hanwoo beef cuts most in demand among consumers — sirloin, brisket, and round cuts used for bulgogi and stews. The discounts apply across ratings from 1+ to No. 2.

Under the No. 1 rating, sale prices will be 7,590 won per 100 grams for sirloin, 4,300 won for brisket, and 3,310 won or less for bulgogi and stew cuts. Compared with consumer prices in early September, that marks a drop of 31.4 percent for sirloin, 33.2 percent for brisket, and 33.7 percent for bulgogi and stew cuts.

Under the 1+ rating, sirloin will sell for 8,670 won per 100 grams, brisket for 4,470 won, and bulgogi and stew cuts for 3,410 won. Under the No. 2 rating, sirloin will go for 5,480 won, brisket for 3,990 won, and bulgogi and stew cuts for 2,900 won.

Discount rates vary by retailer depending on which cuts and ratings are sold. Compared with regular prices, the discount reaches as much as 52.4 percent.

Store-by-store schedules for the event can be found on the websites of the Hanwoo Self-Sufficiency Fund, the Korea Hanwoo Association and NH Agri Business Holdings. They are also available through Yeogigogi, a livestock retail price comparison app run by the Korea Institute for Animal Products Quality Evaluation.

"We prepared this discount event so that consumers can ease the burden on their household budgets ahead of Chuseok and enjoy hanwoo beef with their families," said Lee Jae-sik, director general for livestock policy at the Ministry of Agriculture, Food and Rural Affairs. "We hope everyone has a bountiful Chuseok holiday with delicious hanwoo beef through this event."