The slow trading week was driven by the tanners’ inability to pay the current market prices because of the depressed leather prices in the Chinese domestic market. Tanners attempted to trade volumes at prices several dollars below the current market for steer, heifer and cow hides, but sellers were resistant to further price decreases. Many refused or countered the buyers’ bids.

Several market participants said that most bid prices from Chinese buyers were the lowest among all interested buyers, which included Japan, Thailand, Mexico and South Korea.

Jumbo weight heavy Texas steer (HTS) hides traded at $3 per piece above the latest reported price, but the trade was $1 per piece below their latest traded level.

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