The All-China Leather Exhibition (ACLE) completed its first day on Tuesday September 3, which brought reports of high wet blue inventories at tanneries, strong buyer resistance to pay above current market prices and interest in buying summer-quality material.
Regular-weight heavy native steer hides traded up by $0.50 per piece from Friday’s close, at $28 per piece, within the trading ranges of the past two weeks.
Hide market participants expect trading to increase midweek on September 4 after the second day of the ACLE is completed.
Cattle slaughter forecast
Fastmarkets’ research team forecasts cattle slaughter at 550,000 head in the week to September 7, down by 9.98% week on week and by 1.60% year on year.
Cattle slaughter finished the week to Saturday August 31 at an estimated 611,000 head, up by 0.49% week on week but down by 3.11% year on year.
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