May and June are historically the slowest months of the year for hide trading, which continues to be the case in 2024. Market participants reported minimal trading over the weekend of May 11-12, after most business was concluded by Friday May 10.

Chinese buyers pushed back on hide offers at current market levels because there were not enough leather orders to justify paying the prices, a few sellers said.

Tanners and finished leather buyers had cash flow difficulties due to late payments for material, several market participants said. Typically, insufficient leather orders available in the market are the reason tanners and finished leather buyers are resistant to pay for material.

Cattle slaughter forecast
Cattle slaughter is forecast by Fastmarkets’ research team at 630,000 head this week, up by 1.29% week on week and down by 1.61% year on year.

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