What happened this week: In our opinion, this week was neither good nor bad. Business was slower than it had been in previous weeks. Sales were more isolated than widespread. The US$ was again the key to many export sales and, when the timing was right, unattractive bids became workable for a short moment. For now, at least, it seems that some of the market enthusiasm is fading more and more. Only the lightweight material is continuing to find constant and strong demand and whatever becomes available and is offered, is bought almost instantly. Most other items are in a fair balance and are being supported by the sales position which has been built up thanks to the strong sales in September. Everything now points to a situation where most tanners are sufficiently covered for the coming weeks and are now waiting for the results of the trade shows, including the Fair in Bologna. Looking at the contracts and the shipping times, the next time stocks will need replenishing will be at the beginning of November, as long as sufficient leather orders are obtained in the meantime. One can sense a lot of uncertainty, particularly in the upholstery leather segment, and there are different opinions about the expectations for consumer business for the rest of 2005 and 2006.

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