Well, let’s start by discussing which correction we are talking about. The only real market reaction we have seen is on the heavier and higher quality end. All other grades have simply been fluctuating around the levels we have been seeing for a few months. Whether one is positive or not about the market, it cannot be denied that, across Europe, market pressure is incrementally rising and European origins that are mainly dependent on the Italian market are facing weekly rising pressure to move adequate volumes, regardless of price. This is leading to an accumulation of hides, probably for the first time in the last cycle. The situation for the medium and lighter weights may still be of little consequence, but in heavy hides the problem is mounting much more quickly.

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