Wool prices: EMI recovers to pre-Covid-19 levels, reaching US1078c/kg

The Eastern Market Indicator has reached levels in US-dollar terms not seen since the onset of the Covid-19 pandemic. Here’s where it’s at.

Wool prices have risen significantly.

Wool prices rose for the fourth consecutive week last week.

And for the first time since the coronavirus pandemic hit the price in US-dollar terms has been matched.

The benchmark Eastern Market Indicator jumped 50c/kg to 1393c/kg — 222c/kg higher than the same time last year.

According to the Australian Wool Innovation market report the EMI climbed in US-dollar terms to US1078c/kg, which was 38c/kg higher.

“The level where the EMI settled at the end of this week in US dollars terms is the first time since the pandemic cast its dampener on the wool market that pre Covid-19 levels have been matched. The US dollar EMI is at its highest point since mid-January 2020 when the market was US1082c/kg,” the report said.

According to Nutrien Wool an early jump in the Merino fleece prices the first trading day last week, sparked a positive mood, with prices for fine Merino fleece, carrying low vegetable matter gaining up to 80c/kg.

Meanwhile, there was a large amount of wool under 20 microns on offer in Sydney last week, with the 17.5 micron and under wool “keenly sought” rising up to 70c/kg.

“Well measured, fine Merino skirtings with low vegetable matter continue to be keenly sought jumping 90c/kg for the week,” Nutrien said.

There were 36,288 bales on offer last week, with a pass-in rate of 4.1 per cent — down 3.4 per cent on the rate from the previous week. This week about 45,000 bales are on offer.

There were some gains of more than 100c/kg for the week, with the southern regional indicator for 16.5 micron wool jumping 115c/kg to 2663c/kg and the 17.5 micron indicator rising 109c/kg to 2306c/kg.

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