Bulletin

As we build towards the annual summer tannery shut-downs in Europe, the number of offers being made to Italian tanners has increased. 

How ironic is it that last week witnessed the opening of the worlds largest rock and pop festival in Glastonbury, England.

At long last Italian tanners have received new orders from fashion brands. These are brands that will utilise the calfskin market. 

Very few Chinese tanners seem to share the same view of the market as U.S. traders. There have been reports from the U.S. that some selections of steers have increased in price over the past week. 

There are reported to be large stocks of wet-blue hides available in Brazil. Both full substance hides and drop splits are available. 

Most suppliers appear to be well sold and will move into the summer months in a satisfactory trading position. 

Many U.S. suppliers withdrew their offers on Wednesday of last week due to the July 4 holidays. It is expected that when the export figures are released for last week, it will show as a very light sales week. Many suppliers had made good sales in the weeks prior to last and were reported to be in a healthy position on most grades of hides.

Italian tanners have been receiving a lot of bullhide offers from most European origins. It would seem that most suppliers have plenty of available stock. 

Most suppliers of hides work with some sort of payment cover policy. Those working with Far East tanners usually work using a bank letter of credit, some also adding a 30% deposit to this.

Hides continue to fall in value. It really is a buyers market, those tanners that are interested in purchasing can dictate their price, knowing full-well that sellers have little option than to accept.