Wool prices: EMI lifts by 47c with Australian exports dropping
The Eastern Market Indicator has recorded a rise for wool prices this week but it is still lagging on last year’s average, while data has shown a drop in Australian exports.
WOOL prices gained ground last week, and clearance rates travelled north with them.
The AWEX Eastern Market Indicator lifted 47c/kg to sit at 937c/kg.
Prices rose on both selling days and the national offering saw 24,705 bales sold nationally, with only 5.8 per cent of what was offered passed in. A similar offering is slated for this week.
So far this year the EMI has averaged 980c/kg, whereas the year before, it averaged 1448c/kg.
Nutrien reported Merino fleeces were particularly in demand, noting non-mulesed lots attracted strong competition.
At the Melbourne auction Merino fleeces rose by as much as 117c/kg on the week prior.
According to AWEX $258.1 million worth of wool has now been sold this season, averaging $1148 per bale.
The Australian Wool Industries Secretariat reported that while Chinese buyers continued to dominate, European interest was also apparent.
And, overseas, South Africa’s Cape Wools Indicator also showed a rise in prices paid there in the past week, by 3.3 per cent.
Data complied by AWIS on the percentage of Australian wool exports by weight shipped during the 12 months from last July to this July showed China increased its purchases by 8.5 per cent and shipped 87.9 per cent of all Australian wool last financial year.
Meanwhile, the other four major buying countries; India, Czech Republic, Italy and Korea all recorded decreases in shipments. Together, they imported less than 10 per cent of Australian wools.
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