Posted October. 07, 2010 04:06,
Sixteen traditional markets in Seoul will sell Chinese cabbage at a 30-percent discount from Tuesday through Oct. 20, the Seoul city government said Sunday.
The city will supply the markets with 1,000 tons of Chinese cabbage at 70 percent of the auction price at Garak Market in the citys western region.
The city will cover the difference (30 percent) between the auction price and supply price and transportation costs with its budget, a Seoul Metropolitan Government source said. People can buy Chinese cabbage at 70 percent of the retail price through the merchant associations of each market.
People in Seoul consume an average of 1,000 tons of Chinese cabbage per day, three times the daily average volume that Garak Market can buy, or 370 tons. The auction price of one bag (three heads of cabbage) at the market was around 17,000 won (15.10 U.S. dollars) as of Friday.
One bag of middle-grade cabbage was traded at 24,000 to 26,000 won (21.30 to 23 dollars) as of Saturday, but the cabbage the city will supply is expected to be sold for around 17,500 won (15.50 dollars) per bag.
A source at a market merchant association said, Chinese cabbage does not sell well because it is expensive. All of the cabbage the city will supply will be sold at 70 percent of the retail price.
The city supplies 30 to 40 tons of Chinese cabbage to traditional markets every day. Starting from Urim Market in the citys Jungnang district and Shinwon Market in the Gwanak district, 16 traditional markets will sell cabbage in order through Oct. 20.
The Food, Agriculture, Forestry and Fisheries Ministry will supply 160 tons of Chinese cabbage imported from China to Korea. The price is 2,000 to 3,000 won (1.78 to 2.66 dollars) per head.
The ministry intended to buy 100 tons of Chinese cabbage and 50 tons of white radishes but decided not to buy Chinese white radish for the time being because of poor quality.
Since we believed Chinese cabbage is in significantly short supply, we raised imports of the cabbage, a ministry source said. If the shortage grows severe, we will import more.
Apart from the imports by the government, the quarantine of 216 tons of Chinese cabbage imported by the private sector will be completed Monday.