What happened this week: We are not too exited about the week. A lot of activity started to dry up this week and interest was significantly lower than in previous weeks despite the decent strength of the dollar. We think that this is mainly because of a number of cheap offers that are circulating the market again. This was not seen so much from central Europe, but UK and Irish hides and material from southern Europe was suddenly quoted at reasonably discounted price levels. This provided another fright for a number of buyers, who have now put some of their interest on hold and have suspended pending negotiations.

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