Premium grade-1+ sirloin up 33.8%, rising for 5 consecutive quarters
Shrinking herd size squeezes supply as holiday demand looms
Imported beef also climbing, with US chuck eye roll up 21.6%
![A shopper browses the meat section at a hypermarket in Seoul. [Yonhap]](https://wimg.heraldcorp.com/news/cms/2026/09/07/rcv.YNA.20260702.PYH2026070210810001300_P1.jpg)
Beef prices are climbing sharply ahead of Chuseok, driven by a shrinking supply of domestic hanwoo cattle and slaughter volumes, compounded by peak holiday demand. Prices for imported beef — typically a more affordable alternative — are also rising, adding to the strain on household budgets.
According to the Korea Institute for Animal Products Quality Evaluation's livestock retail information, the consumer price for grade-1 hanwoo sirloin stood at 11,029 won ($8) per 100 grams as of Saturday, up 21.4 percent from a year earlier and 23.1 percent above the average for normal years.
The premium grade-1+ sirloin hit 13,131 won per 100 grams, a 33.8 percent jump from a year ago and 26.8 percent above the normal-year average. Quarterly data show prices have risen for five consecutive quarters — from 10,721 won in the second quarter of last year to 11,192 won in the third quarter, 11,802 won in the fourth quarter, 12,045 won in the first quarter of 2026, 12,573 won in the second quarter and 12,836 won in the current quarter.
Other cuts are also more expensive. Grade-1 tenderloin reached 15,382 won per 100 grams as of Saturday, up 20.4 percent from a year earlier, while grade-1+ tenderloin rose 18.4 percent to 17,112 won. Brisket, commonly used in braised dishes, jumped 17.4 percent year-on-year and 21.5 percent above the normal-year average.
Wholesale prices are also trending higher. The Korea Rural Economic Institute's Agricultural Outlook Center projected the average wholesale price for hanwoo steers this year at around 22,500 won per kilogram, about 14.5 percent above last year's level. Last month's wholesale price came in at 24,246 won per kilogram, already 17.9 percent above the normal-year average.
The main driver is a contraction in supply. The total number of beef cattle stood at about 3.289 million head in June, down 4.9 percent from a year earlier. Of that, the hanwoo herd totaled about 3.154 million head, a 5.2 percent year-on-year decline.
The trend is expected to persist through year-end. The hanwoo herd is forecast to fall 3.3 percent year-on-year to about 3.218 million head in September, and a further 2.2 percent to about 3.156 million head by December.
Slaughter volumes are also shrinking. Total hanwoo slaughter this year is projected at 864,000 head, down 8.8 percent from last year and 5.0 percent below the normal-year average. Fourth-quarter slaughter is forecast at 178,000 head, a 14.1 percent drop from the same period a year ago.
The price pressure is expected to intensify particularly during the Chuseok holiday season, when supply constraints and festive demand converge. The institute projected hanwoo slaughter in the four weeks before Chuseok at around 96,000 head, down about 14.3 percent from a year earlier. The average wholesale price for steers during the Chuseok peak season is forecast at 24,000 to 25,000 won per kilogram, up as much as 19 percent from a year ago.
Imported beef offers little relief. US chilled chuck eye roll rose 21.6 percent year-on-year to 4,016 won per 100 grams and was 27.1 percent above the normal-year average. Australian beef was up 12.2 percent from a year earlier and 26.7 percent above the normal-year average.
The US Department of Agriculture projects American beef output this year at about 24.97 billion pounds, down roughly 4 percent from last year. The exchange rate is also pushing up import prices. According to Korea Customs Service trade statistics, the import price of boneless chilled beef stood at 23,232 won per kilogram in July, up 29.0 percent from a year earlier.
"During holidays, demand rises all at once, so even a modest supply shortfall can send prices sharply higher," said Kim Dae-jong, a professor at Sejong University's School of Business Administration. "What we need to watch out for this Chuseok is not a sudden spike but a prolonged period of elevated prices."
korean@heraldcorp.com
