Mink prices in Seattle ease from record highs

SANDY PARKER REPORT, VOL. 30, ISSUE 14, MAY 22, 2006
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
Mink prices in Seattle ease from record highs
MINK PRICES EASED OFF FROM THEIR RECORD HIGHS at the American Legend Auction in Seattle last week, but not enough to effect any meaningful changes at the wholesale garment level. Demand for the pelts continued to be strong and the offering was virtually all sold under keen competition. Hong Kong/China was clearly the main buyer, as it has been right along, with strong support from Greece/Russia and Korea.
The bottom line is that, as the auction season enters its final stages – at least for first-quality skins – mink prices remain close to their all-time highs. This has already been reflected in this year’s garment quotes; Hong Kong manufacturers adjusted their opening prices to reflect the rising skin levels and no further changes are expected at this time. But fur garment prices have been moving steadily upward for the past three years in line with the soaring skins and are now at the highest levels in decades.
NOR IS THERE MUCH CONCERN IN THE MARKET THAT SKIN PRICES may now be in for a sharp downturn, as has happened before. Two examples were 1988, when mink averages plunged 25% after peaking at $43, and in 1996, when they dropped 34% from the $53.10 high the year before.
The world fur trade has changed much in recent years and is a far cry from when skin prices were determined by the established markets, where demand was subject to changes for various reasons. Today’s skin markets are under the firm control of China and Russia, both of which have been experiencing explosive growth in consumer demand for furs. With their economies expected to continue to roar ahead at a robust pace – enabling still more consumers to afford furs for the first time – the skin markets appear to be assured of firm support for the foreseeable future.
IN THIS ISSUE:
Mink Eases at Seattle Sale…
…but Prices Remain Near Peaks
Little Effect on Garments Seen
U.S. Imports Up 33% in 1st Quarter
Plea Due in Bid-Rigging Case?
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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