Assuming that the raw material market moves upwards in the months ahead, it is less the fact of this happening, but rather the consequences of this that would be worrying. Leather prices, in most cases, have already been locked in for the coming season. Interest rates, production and transport charges are rising at the same time and if raw material costs followed, this would squeeze the cash flow positions in the tanning industry - which never has a good outcome. This is still all theory and looking at the market activity of the week not much really underlines the bull market phantom yet. Except for isolated materials which have been mentioned repeatedly, business volume is not impressive enough to believe that this could be the basis for a significant price increase. For Europeans, at least, the market has almost been operating without the Asian buyers since the beginning of September and this is never enough to drive prices up.

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