Chinese textile mills increase production and drive prices

Wool-bales

A lot of 14.9µ micron Merino fleece wool secured the top price for the week at 1829c greasy or 2468c dry.

The past week has seen the wool market continue to strengthen with further price increases.

This improvement was echoed by the AWEX Eastern Market Indicator on Tuesday, gaining 123c while a 21c decrease was seen on Wednesday to close off the week at 1219c, or in US dollar terms, 863c.

A total of 34,229 bales were offered nationally this week which saw the pass in rate rise to 11.5% as supply outweighed demand.

Despite this overall decrease in demand, prices remained strong, up 102c overall on the previous seven days as Chinese textiles mills are increasing their production on the back of boosted demand from domestic consumers.

Online, the AuctionsPlus Offer Board saw steady buyer enquiry with 2,216 bales selling over the past seven days, dipping slightly on the previous week.

Online 15µ and 16µ micron fleece wool sold up to 1795c and 1454c greasy or 2406c and 2040c dry. The 18µ and 19µ micron fleece wool sold up to 1253c and 1040c greasy or 1649c and 1450c dry.

A lot of 14.9µ micron Merino fleece wool secured the top price for the week at 1829c greasy or 2468c dry. The NSB branded wool has 0.3% vegetable matter, is 77mm in length and was offered by Roberts Wool.

-AuctionsPlus

UPCOMING SALES / EVENTS
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