Weekly Market Wrap

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With Adrian Field, Melbourne
Trading Manager

October 7, 2005

Market remains steady

DESPITE a slight fall in the market indicator, demand for wool was quite steady this week.

The eastern market indicator eased again to close at 676 cents per kilogram - a fall of 3c/kg.

Most of the fall was reflected in Northern Region sales following last week's Newcastle offering, where the wools were supreme in style.

From a total offering of 46,453 bales, passed-in rates were even lower and accounted for 7.1 per cent.

Southern Region

Most Merino fleece types eased 1-5c/kg. Most Merino skirtings remained unchanged, apart from some of the higher fault wools that dipped by about 10c/kg.

Crossbred wools again remained unchanged, while cardings strengthened by about 5c/kg.

2004-2005 figures

According to the ABS, China has increased its buying share of Australian wool considerably.

Of the 434 million kilograms of greasy and first-stage processed wool exported in 2004-2005, China increased its volume share by 29.8pc to import 54.3pc (in weight). Italy's share fell by 55.3pc. Italy's import figure equated to 5.1pc of total exports.

Total revenue for Australian wool exports last financial year totalled $2.437 million.

Records from July indicate that the trend is continuing, with China importing 65.7pc of wool exports.

Meanwhile, next week's sales will be held in Melbourne, Sydney and Fremantle, with 61,000 bales on offer.

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