During the week of Monday May 6, the global hide market faced low leather orders and, for the most part, price declines. European and Chinese tanneries were closed due to holidays and lack of leather demand, and the near-term outlook for hide demand was weak.

Argentina
According to the Argentine Chamber of Meats and Derivatives Industry and Commerce (CICCRA), Argentina meat processing exported 54.5 thousand short tons of beef in March, down by 3.6% month on month but up by 2.1% year on year.

The price of beef was lower than the year prior, with the average price at $4,264 per short ton in March, representing a 17.9% drop.

Argentina’s annual inflation rate reached 287% in March, according to INDEC statistics agency. On Tuesday May 7, the government announced that it increased its largest bank note to 10,000 pesos, which is equivalent to approximately $11.

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