The Australian wool market has continued to track upward, recording increases for the third consecutive series. The national quantity reduced to 27,458 bales, fresh wool was bolstered by sellers holding wool, waiting for market improvement.
From the opening hammer on the first day in the Eastern centres, it was immediately apparent that large rises were on the cards. Main buyer interest was in the 18.5 micron and coarser range, resulting in these wools getting progressively dearer as the day wore on, with all types and descriptions enjoying similar rises, as buyers scrambled for quantity. By days end the individual Micron Price Guides (MPGs) of these wools rose by 60 to 90 cents in the East. In the West, which sold last, the rise in the MPGs was 90 to 100 cents.
On the back of these increases, the AWEX Eastern Market Indicator (EMI) rose by 61 cents for the day. The second selling day was more subdued, with only marginal increases recorded.
The EMI rose by a further 6 cents, adding 67 cents for the series, closing the week at 1,609 cents. Over the previous three weeks, the EMI has now clawed back 244 cents of the 379 cents it lost over the month of August. Sellers were understandably keen to accept the increased prices, resulting in a national passed in rate of only 7.6%. Worth noting, the fleece market noticeably softened toward the end of the series, so much so that the Western region, again selling last, recorded falls of 30 to 70 cents on the final day. The skirtings followed a similar path to the fleece, strong competition helped to push prices by 40 to 70 cents.
Next week’s national offering has increased considerably as a result of the price rises, currently there is 40,999 bales rostered in Sydney, Melbourne and Fremantle.