Yashili Holdings, the Chinese infant formula maker part-owned by Danone, has warned full-year profits will fall by almost half, sending jitters through other strategic and financial investors who piled into China’s once-booming dairy industry.
The soured outlook for a commodity once dubbed “white gold” comes on the back of crashing international prices that have led to farmers across northern China slaughtering cows and dumping milk.
China is by far the world’s largest buyer of fresh milk and powder, after Russia banned imports of fresh milk and cheese from Europe. The ban contributed to a glut of supply in international markets that has sent milk prices plummeting since the summer.
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