 Merino Fleece closed last week 15-45c dearer, however the MPG rises measured on Tuesday were 25-57c in Sydney as the Chinese indents and large Chinese topmakers traders competed to cover their orders.
The EMI rose 17c in USD terms on Tuesday, with some exporters feeling a level of discomfort in the magnitude of this rise and pulled back on Wednesday. This was reflected with the MPG falling away 4-12c from Tuesdays levels by the close of business on Wednesday.
This demonstrates the delicate balance exporters are facing in the light of the trend towards an increase in the indent business for Chinese mills.
The 19 MPG now on 1454c is the best it has been since mid-January. |
| Merino Skirtings enjoyed the fruits of the merino fleece’s positive performance on Tuesday. Most well prepared and low VM skirting types held this level throughout the week whilst the high VM and lots containing heavy colour and cotted skirtings saw the prices retrace to the previous week’s levels.
Crossbreds market demonstrated minor price changes for the week, as one prominent XB exporter commented there simply was not enough of any one straight type to form a quote.
Merino Cardings were slightly dearer in the Eastern states with Sydney adding 3c to the MC and Melbourne adding 12c. The Western MC measure a 37c rise, which I believe was driven by a lack of carding types offered in the West. |
The AWEX EMI closed on 1172c, up 14c at auction sales in Australia last week.
In contrast to the previous week’s market rise which clearly was driven by the favourable currency exchange rate, last week we saw the EMI in USD rise by 20Usc. 94.8% of the 41,788 bale offering cleared to the trade with the weeks key feature being slightly more aggressive exporter participation on the merino combing categories.
The EMI rose 19c on the Tuesday posting its 5th successive daily increase in the EMI, the best result in successive positive weeks running seen since June 2022.
Unfortunately, we experienced some buyer’s remorse on Wednesday as the EMI gave back 5c of Tuesdays rise. Approaching the week many exporters reported a slightly better tone from China, where demand has been poor at best for the past 3 ½ months.
Merino Fleece closed the week 15-45c dearer, however the MPG rises measured on Tuesday were 25-57c in Sydney as the Chinese Indents and Large Chinese Topmakers traders competed to cover their order’s.
The EMI rose 17c in USD terms on Tuesday, with some exporters feeling a level of discomfort in the magnitude of this rise and pulled back on Wednesday. This was reflected with the MPG falling away 4-12c from Tuesdays levels by the close of business on Wednesday.
This demonstrates the delicate balance exporters are facing in the light of the trend towards an increase in the indent business for Chinese mills.
The 19 MPG now on 1454c is the best it has been since mid-January. |
