Australian Wool Innovation Limited reported that the Australian Wool Market continued its upward movement, but at a more moderate rate, with prices finishing 0.3 percent higher, on average, at sales in Sydney, Melbourne and Fremantle.
The AWEX EMI increased by 3¢ (+0.4 percent), ending the week at 732¢/kg clean. This reflected increases of 4¢ (+0.5 percent) in the North and 3¢ (+0.4 percent) in the South, with their corresponding Regional Indicators finishing the week at 749¢ and 718¢ clean respectively. The sales in Fremantle saw the Western Indicator remain unchanged, finishing the week at 701¢/kg clean.
The EMI has now risen by 99¢ (15.6 percent) since sales resumed in January and is only 1¢ below the season peak of 735¢ recorded in Week 2 of selling.
This week is also the first week in which the EMI has risen above last season's graph. The EMI was 725¢ in Week 33 last year.
In the largest sale of the season to date, 74,398 bales were on offer (compared with 47,842 last week), of which 9.0 percent were passed in, comprised of 8.3 percent in Sydney, 6.0 percent in Melbourne and 14.1 percent in Fremantle. Pass-in rates for Merino fleece and skirtings were 9.4 percent and 10.4 percent respectively. 2,156 bales (2.8 percent) were withdrawn prior to sale and re-offered wools made up 15.0 percent of this week's offering.
The improved market conditions have flushed out a lot of wool. The re-offer rate has risen in all Regions and has averaged 15.7 percent nationally over the last four weeks compared with 9.1 percent prior to that.
marketing@alchempro.com
