Week 10 - September 2024
Eastern Market Indicator (EMI)
Eastern Market Indicator (EMI)
Microns
AWEX Auction Micron Price Guides
Sales held Tue 3rd Sep & Wed 4th Sep 2024
Offering (Aust. Only)
Offering (Aust. Only)
Sales Week 10: 6th September 2024
Currency Movements
Currency Movements
Sales Week 10: 6th September 2024
Forecast
Forecast
Scheduled Australian Wool Auction Sales
AWI Commentary
Small price rises appeared during selling at this week’s Australian wool auctions. Most of the recorded gains were at the finer end of the Merino wool types. These advances were largely currency related improvements on top of a smattering of new business, as exporters again worked hard and priced keenly to convert some enquiry to export contracts.
The more favourable foreign exchange rate of mainly the AUD versus the USD and CNY (-1.25% and -1.52% respectively) enabled both local and China based operators the opportunity to compete more strongly at auctions. In stronger demand scenarios, this should have led to greater gains on the local price returns to wool grower’s, particularly on the back of less than 30,000 Australian stored bales being up for sale this past week.
The largest Chinese top maker remained the key buyer of Merino wool again this week by purchasing 20% of the Merino fleece and 15% of the skirtings. The local trading companies and indent operators supported without spooking the market, but still managed over 10% of what was eventually offered after many clips were withdrawn from sale pre auction.
This season will see a remarkable situation in the Australian wool industry and the association with their export destination counterparts.
· The forecast Australian production for 2024/25 is 285mkg greasy.
· The Chinese import from Australia last season 2023/24 was 284.3mkg greasy which was 86.4% of total Aust production. .
Next week sees 32,000 bales currently rostered to be auctioned.
