Meat and Livestock Australia reports that prices for Hanwoo (locally produced beef) have been most affected, with the average price for a carcass decreasing from 13,214 won/kg to 11,690 won/kg in one week.

MLA says the price is 17pc below the previous year when it was selling for 14,000 won/kg.

Local media are reporting that the return of US beef made sales of Korean beef drop dramatically.

MLA says that according to local importers, another factor was consumers' preference for pork and chicken during summer.

But last week a major Korean internet shopping mall reported that it would work with a local beef importer to sell US beef online.

US beef would be available at wholesale prices, with beef used for soup priced at 6,500 won/kg (A$6.60/kg) and beef used for the barbecue costing 9,000 won/kg (A$9.10/kg).

American beef ribs, which will be available to Korean consumers for the first time since December 2003, will be sold for 1,500 won to 1,800 won per 100 grams (A$15-18/kg), according to the JoongAng Daily.

As a result the wholesale prices of Australian beef have also fallen, with frozen Australian chuck roll down 100 won to 6,000 won/kg (A$6.10/kg) and short ribs down 500 won to 10,500 won/ kg (A$10.65/kg).

According to Korean authorities, from 1-10 July a total of 2526 tonnes of US beef (34pc of total Korean imports) and 3646t of Australian beef (49pc of total imports) passed Korean quarantine.