The US hide market had a quiet tone on Wednesday October 23, with market sources reporting minor price changes.
Regular-weight butt branded steer (BBS) hides were down by $0.25 per piece to $25.50 per piece, and regular-weight Colorado branded steer (CBS) hides were down by $0.25 per piece to $19.50 per piece.
Luxury hide tanners told Fastmarkets that, during the third quarter, they continued to struggle with weak demand from luxury brands, which were saddled by poor earnings releases and stagnant industry growth.
Hide tanners that focus on luxury leather goods sectors reported dragging trading activity, with several top brands limiting hide purchases compared with their previous years’ volumes. Several sources attributed the decline in buying interest to the bearish Chinese economy throughout 2024.
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