HIDE MARKET COLLAPSED.
The hide market that has been weak for the last couple of weeks, fell out of bed completely at the end of last week, with hides as low as US$10 for steers and US$5 for cows.
The market has dropped on a global basis, Australia has seen steer hides fall from AU$60 to AU$13 and cow hides from AU$30 to AU$7 per hide.
This is the worse the hide industry has been in 30 years, far worse than the collapse in 1991 at the time of the Gulf war.
There is no bright light at the end of the tunnel, as demand has reached an all time low for hides and finished leather