Hide trading following the New Year holiday was slow as several tanneries across the globe were closed for the celebrations. Hide trading into China was minimal due to the upcoming Chinese Lunar New Year (CLNY) holiday which will close ports, banks and tanneries until February. Hide purchasing is minimal until the delivery of the shipment can arrive after the CLNY celebration.
Steer hides intended for footwear tanners remain under pressure as packers continue to face difficulty in moving large volume of material at current market price levels. There are rumors of large volume steer hide sales at lower than current market levels, but these have not been confirmed.
Cow hides are in demand from furniture tanners as the upholstery leather industry continues to be strong.
Buyers continue to combat current hide market pricing with the declining drop split market in China, which reportedly fell another 100 RMB per metric ton last week.
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