Beijing has been pushing top pig producers to cut capacity to tackle oversupply and bolster pork prices, an important component of the consumer price index in the Asian nation. PHOTO: BLOOMBERG[BEIJING] China’s pork prices hit fresh lows as a bleak demand outlook for the upcoming Golden Week holiday offered little relief to a sector grappling with excess supply and sluggish consumption. Wholesale pork prices were on track to reach their lowest level in 18 months amid an oversupply of meat and weaker-than-expected demand. Millions are expected to travel, shop and dine during China’s eight-day Golden Week holiday starting on Wednesday (Oct 1), which usually boosts economic activity across the country. Pork prices have plunged 21 per cent in the past year, with farmers suffering average losses of 162 yuan (S$29) per pig.