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Newcastle wool auctions to stop as volumes decline
29
Jan '13
Wool auctions at Newcastle in Australia will soon stop, ending a 70-year long tradition, as the firm that leases the selling facility at Newcastle has announced that the sales are no longer viable.
 
The drop in wool sales was cited as the main reason for the decision to stop wool auctions at Newcastle.
 
The last wool sale at Newcastle would take place in last week of February.
 
The Australian Wool Exchange (AWEX), which oversees wool sales at five selling centres, including the ones at Sydney, Melbourne and Fermantle, said the volume of wool sold at Newcastle has nosedived by 65 percent from 152,518 bales in 1999-2000 season to about 52,760 bales in 2011-12.
 
During the same period, the volume of wool offered across Australia declined by 45 percent from nearly 3.559 million bales to about 1.945 million bales, according to AWEX figures.
 
The closure of Newcastle wool sales would affect super-fine wool sales, as some producers who had a close liaison with buyers and brokers at Newcastle would now have to go to Sydney to sell their wool, which would add extra cost, according to analysts.
 
With the closure of Newcastle sales, focus would now shift to viability of wool auctions Fermantle, where the volume of wool auctioned is only a fraction of wool sold at Sydney and Melbourne auctions.
 

Fibre2fashion News Desk - India

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