The hide trading week ended on Friday August 9 was active for the steer and heifer hide markets, with most concluded trading closing at flat-to-higher than last-traded prices and several sellers reporting that more business will be carried into the weekend.
“Hide demand was firm this week, but it is hard to get tanners to pay higher than current market prices,” a seller said.
Several market participants said that tanners’ resistance to pay higher prices was driven by inelastic leather prices in the current market.
“Buyers were adamant that they cannot pay more, because the leather prices cannot budge,” the seller said.
A footwear tanner said that they had slightly raised finished leather prices, but their buyer significantly reduced their order volumes upon doing so. In order to keep the original order volumes, the tanner preferred to hold finished leather prices steady.
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