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Prices turn dearer at Australian wool auctions this week

Sep '19
Pic: Shutterstock
Pic: Shutterstock
As news arising from the Nanjing Wool Market conference, the largest wool trade gathering annually, forecast positive gains, prices were substantially dearer across the entire offering at Australian wool auctions this week. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) gained a further 67ac this week to close at 1609ac clean/kg.

In US Dollar (USD) terms, the USD EMI gained 3.8 per cent or 39usc to close the week at 1086usc clean/kg. Once again for those buying using the USD, they were assisted by the AUD falling around 0.6 per cent against that currency, the Australian Wool Innovation Limited (AWI) said in its weekly report.

"Australian auction purchase lists featured the largest locally based trading exporters, particularly on the merino fleece and crossbred sectors. Their activity was quite dominating as the top four took 60 per cent between them of the sold wool on these types. Processors took to the skirtings and cardings sector to get volume and both those segments were led by a European top maker and a dual local and Chinese processor respectively," the 'Wool Market' report for sale week 13 of the current marketing season said.

"Merino fleece demand was firmly split into two this week again, as buyers focused more on wools broader than 18.5 micron. The intense competition forced these types 100ac dearer. The finer types were by no means neglected and values increased to the order of 30 to 50ac, with the better specified lots receiving of the larger end of those gains. Skirtings crossbreds and cardings all gained similarly and were a general 50 to 60ac dearer," the AWI report for the week ending September 27 said.

With another 9% of the original quantity withdrawn prior to auction, it appears grower sellers are still not unanimously happy with current levels, the report said.

The key message from the Nanjing Wool Market Conference is that the Chinese domestic consumer is now the pre-eminent customer of Australian wool. Hence, trends in China retail must be closely monitored and an agile manufacturing sector is required to cater for that ever-changing and quickly shifting whims of those consumers. Demand can shift from type to type but also in price radically as all parties adjust to those changes.

Around 41,000 bales would be on offer at next week auctions, which is a massive 49 per cent more quantity than what was eventually offered this week.

Fibre2Fashion News Desk (RKS)

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