SEOUL, March 26 (Korea Bizwire) — Dairy producers are being forced to sell milk at a discounted price to get rid of stock intended for schools, after the coronavirus outbreak pushed back the start of the new school year multiple times.
Major milk producers including the Seoul Dairy Cooperative and Namyang Dairy Products Co. are being hit the hardest as milk sales for schools plunged by more than 15 billion won (US$12 million).
Producers are being forced to use the remaining crude milk to produce sterilized milk and powdered skim milk that can be stored long-term.
These products, however, are more expensive than ordinary milk due to higher production costs, leading many to expect poor performance in the dairy industry.
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