Hide prices are under pressure as the COVID-19 situation in China worsens. The Hebei Province, one of the largest tanning destinations that specializes in cow hides, has tightened restrictions due to the spread of cases. Currently, the tanneries aren’t taking any deliveries and not allowing any transit as government officials are planning to vaccinate everyone in the area within the next two weeks. The rapidly approaching Chinese New Year holiday break is further adding to the slowdown on the demand side.
Tables 1 and 2 below show the total outstanding cured hide and wet blue export sales by selected countries through December 31. Through Week 52+, the total outstanding sales are 3.415 million from 3.503 million the prior week. With the same period average weekly slaughter at 607,795 head, the cumulative outstanding sales represent 5.62 weeks of production from 5.75…
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