Several US packers reported strong hide trading during the week to Thursday October 24, with most buyers applying less pushback on price increases than in the weeks prior and giving bids at flat-to-higher prices than the last traded levels. A processor told Fastmarkets that demand began to decrease for their material despite their growing inventory.
A trader reported regular-weight butt branded steer hides at $27 per piece, the highest price level for the selection since May 23. The price increase was driven by strong demand and dwindling supply for alternative hide material used by furniture upholstery tanners.
A US packer reported good demand from shoe tanners for wet blue material but said tanners remain price sensitive due to depressed leather prices. The packer added that some of their material was sold on contract well into 2025.
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