The last weeks of production for 2022 are dawning. With just over four weeks left, tanneries are still accepting raw material and then it will probably be at least a two week break in most cases. The weather has changed in the last few days and temperatures have dropped significantly so that conditions are now normal for the time of year. Almost at the same time, the kill has increased and this will certainly change planning and create new challenges. In Europe, the additional volumes are very unlikely to be absorbed and so eyes are once again turning more to Asia. Here, the weaker USD makes calculations more complicated and there remains only some hope that the easing of sea freight will make calculations somewhat easier. However, business in Asia has not yet become much more active and the bids are at best at the same level as they have been for several weeks, which in effect means a reduction in revenues in EURO of at least 6% due to the changed currency situation. One cannot really believe in a recovery of prices in the next few weeks, because demand would have to increase significantly for that to happen. This is not to be expected without a wave of speculation from Asia, as the European tanners are unlikely to return to the market to any great extent before January and will certainly not have an open ear for price increases even then. For that to happen, the