Trading and bids were steady today, especially for cow hides. Several sellers reported cow hide demand was from low-end furniture upholstery tanners in China was strong, with most bids and trades at steady to current market price levels or $0.50/piece higher than last report. Northern and southwestern Branded Cows (NBC and SBC) both traded $0.50/piece higher than the last report from the week prior.
Sellers expect the strength on price to continue into the first quarter (Q1) of 2024 due to the support the Chinese government is giving the domestic real estate market, and the expectation interest rates may cool in the US. Buyers have indicated that their hide inventories that they had built up last year have decreased and now buyers need to ramp up purchases to meet the incoming leather order needs.
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11.21.2024
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