What happened this week: We do not believe that there was much going on in Europe this week. In northern Europe most productions are already shut down or are already in the final lap, and in the south the situation is much the same with effluent plants closing. Only retanning and dying are keeping tanners busy before they also head off for the summer. Two weeks ago we believed that the worst was already over in this market and we feel that this was pretty accurate. Not all sellers will have solved their problems, but most of them could also be homemade and cannot be considered a fair reflection of the market situation.

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