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Australian wool prices see sharp rise this week
18
Aug '17
In perhaps one of the more stunning weeks of selling, prices of all wool types and descriptions, apart from cardings, rose at Australian wool auctions this week. The prices increased by margins ranging from around 4 per cent for the higher priced wools to a staggering 17 per cent on the broadest wools of the long suffering crossbred sector.
 
In what can be termed as astonishing results, the demand came solely from China, with a few of the larger users looking to fill their wool production pipelines. 
 
Following last week’s impressive commencement to the new selling season, the AWEX eastern market indicator (EMI) forged into record territory, with consecutive days of breaking the highest levels ever seen. At the end of the week, the EMI settled at 1614ac clean kg which is 316ac or almost 25 per cent higher than at the same period of last season.
 
The week produced a gain of 64ac clean/kg or a 4.1 per cent addition to local wool values within just seven days. When quoting the EMI in US dollar, the figures are even more startling, with a 28 per cent or 280usc clean/kg advance in prices in 12 months. The EMI in US dollar finished the action this week 5 per cent higher at 1281usc clean/kg or an increase of 61usc. 
 
“Following some very large forward orders being required by some larger Chinese mills, all exporters were ready to pay more from the outset. The extent and swiftness of the price gains caught the majority by surprise,” Australian Wool Innovation said in its Wool Market report for the sale week 7 of 2017-18 season.
 
The Merino fleece and skirting segments of the market sold consistently dearer across all three centres—Sydney, Melbourne and Fremantle. All wools traded in the 60 to 90ac dearer range and generally shadowed moves of each micron and type category. One exception, and the standout of selling this week, were those few bales of Merino types finer than 16.5 micron which were upwards of 150 to 180ac dearer. Similarly the small offering of super fine (16.6 to 18.5mic) spinners and best top making sale lots exhibiting strength readings of over 35nkt sold up to 140ac dearer, making these wools around 250ac dearer in just 2 weeks. 
 
Perhaps the most stunning gains, particularly in percentage terms, was the entire crossbred (26 to 32 micron) market. All types rose by up to 70ac clean kg and at the broadest end, this gain represented an increase of around 17 per cent in just a week. However, carding types continue to chart in their own territory and were the only disappointment of the week by trading generally at firm unchanged levels of price.
 
Around 37,000 bales would be on offer at auction sales next week. (RKS)

Fibre2Fashion News Desk – India


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