With the shipping times also being extended it seemed that Asian buyers were once again considering the European market as a potentially viable alternative. With the price levels we have now reached, negotiations are not easy and tanners are still trying to cast their nets below asking prices in the hope of finding a weak fish in them. However, with the limited availability of material they do not appear to have been very successful and in the end the currency market was again lending a helping hand to turn bids—with a great deal of effort—into some sort of acceptable price level. The key problem with many bids coming in is the extended terms a number of tanners in Asia are still looking for. Higher financing cost and the cost of hedging the currency have become quite expensive in the last year and, at the present price level, some inflate the price in dollars that buyers obviously find pretty difficult to understand.

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