The market, after a balanced July, toppled in mid-August. Despite South African volumes in shortfall, the overall supply remained above average in July (+ 20 %) because of very high Peruvian volumes, with unbalanced sizing (plenty of size 12/14) and heterogeneous quality. Despite some price concessions on large sizes to limit stocks, rates remained high in July. The market turned on its head in August due to less dynamic sales, and above all an unexpected and very high incoming shipments peak from Peru (+ 75 % on the average), of often heterogeneous quality. Hence stocks formed, especially sizes 12/14/16, lowering the prices of all sizes and origins. This hampered the winter origins (Chile, Mexico), whose campaigns started early, in anticipation of a clear summer/winter transition, which ultimately did not happen in August.
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