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30 October 2024
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Wool
Market Commentary

Wool Report: Fine-wool records broken again and national market insights

Wrapping up The Country’s Wool Week with remarkable news, Rachel Shearer, General Manager of PGW Wool, joined Rowena Duncum for a monthly look at the wool market. Rachel shared an exciting update that highlights New Zealand’s ongoing achievements in producing world-class wool.

Rachel was thrilled to report a new record in the fine wool market. South Island wool growers John and Sam McAtamney from "The Bend" in Ranfurly set a groundbreaking record, for that auction room, with their 12.5-micron merino wool, which sold for an impressive $155 per kilogram. This price more than doubled the previous record, marking an extraordinary milestone in the wool industry. Beyond the headline-grabbing lot, additional offerings also achieved high prices, underscoring the exceptional quality of New Zealand’s fine wool production.

Pictured: Lot 437, a 12.5 micron wool from ‘The Bend’ that sold at auction for a phenomenal $155 per kilogram greasy.

The Schneider Group, a renowned wool buyer, secured the purchase. Their fine wool specialist, Helen Cameron, announced that the ultra-fine merino wool would be processed in Italy’s prestigious mill, signalling a strong demand for premium wool in the global market. This achievement is a testament to the careful preparation and high standards that New Zealand wool growers like the McAtamneys maintain, positioning the country as a leader in fine wool production.

Pictured (left to right): Doug McKay, South Island auctioneer & procurement manager for PGW Wool, Helen Cameron, fine wool procurement specialist for The Schneider Group, Dave Burridge, South Island wool sales manager.

The fine wool market is robust, and Rachel anticipates that demand for ultra-fine microns will only continue as more merino shearing takes place in the coming weeks. Buyers from Australia and beyond are drawn to the quality at the Christchurch wool exchange, reinforcing New Zealand’s standing in the global wool trade.

Meanwhile, the North Island is set to resume auctions after a brief break. The timing aligns with the beginning of the main summer shear, and Rachel reminded wool growers to clean out their wool sheds to reduce contamination risks before shearing starts. 

In the South Island’s crossbred wool market, prices have stabilised, with supply closely matching demand. Additionally, lower-than-anticipated supply in the North Island could help support prices as auction activity resumes.

Rachel shared that her office was already feeling the holiday spirit, thanks to the launch of handmade Christmas decorations on the Wool Integrity online store. These FairTrade-certified products are crafted in Nepal using New Zealand wool procured through PGW’s network of growers. Produced with ethical and sustainable practices, these decorations embody the Wool Integrity program’s values, promoting products with a traceable path from farm to customer.

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