The wool market experienced a sharp decline last week with all micron price indicators down across all selling centre’s.
This offering this week was just over 33,500 bales across the three selling centre’s.
It is reported at physical auction that this week saw a lack of confident buyers.
It is also reported from physical auction that buying at the start of auction on the first day at the at all centres was slow from the beginning to end as both days saw a large amount of withdrawals and pass ins.
The market continued to lose ground on the second day despite large quantities of the lower quality wool still being discounted.
It is also reported the Southern selling centre lacked support even for the better style wools as Merino price indicators lost value and the poorer styles copped much heavier discounts.
This is backed by the AWEX Eastern Market Indicator as it fell 51c on Wednesday and then a further 47c on Thursday to reach 1511c with a pass in rate of 33.5%.
The largest falls coming for 19µ to 21µ micron wools as large amounts of the finer wool types are being discounted, leading to the Merino wool indicators having mixed results across the three selling centres but largely ending the week down more than 140c.
The sentiment at physical auction was reflected online as there were minimal sales on AuctionsPlus wool last week, just 65 bales sold.
A line of 16µ micron fleece wool sold for 1183c greasy or 1768c dry.
A line of 20µ micron merino pieces sold for 600c greasy or 1200c dry. The only positive part of the week was the Merino cardings which went against the grain and remained solid or gained 7-12c at all selling centres.
A line of 20µ micron merino cardings sold for 593c greasy or 1147c dry. This week the volume of supply remains the same with 34,000 bales on offer.
It is expected the market will continue along the same path as last week, although with most of the online sales happening after auction last week, the market my remain recover some.