What happened this week: The first week of May gradually became a non-event. Most of the Asian countries had their week’s holiday and activity was further reduced by many parts of Europe taking Thursday off. So, although most businesses were open, activity was very slow and most people were busy with administrative matters. Tanners who attended the show in Bologna were using last week to summarise results and discussions with their clients, rather than to think about additional activities on the raw material market. We have to bear in mind that the raw material market is still divided into two entirely different market segments. One is the economical upholstery and the other one is the rest. While the upholstery continues to face the usual problems, the other one is enjoying the recovery which, in our view, is not valued and appreciated enough.

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