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28 March 2022
Wool Street Journal
Company News

Wool Street Journal: Wool report - Highs and lows of the market around the world

Jamie Mackay from The Country has just had his monthly catch-up with Grant Edwards from PGG Wrightson Wool to see how the market is faring.

As an aside, Mackay offered hearty congratulations to PGG Wrightson for forty years of support for the IHC Calf and Rural Scheme.

Edwards agreed that it was a wonderful cause, which PGG Wrightson was fully behind.

He understood the scheme had raised over $40 million in that period.

Following from that eye-watering number, Mackay brought up the equally eye-watering Brooklyn Tower in New York.

With a $1.1 billion price tag and 93 storeys, it's to be fully carpeted with Cavalier Bremworth wool carpet to the tune of 3000sqm.

Mackay reckoned this was a great way to kick the wool market in the backside.

Edwards agreed it was a great success story and it was sure to increase awareness of wool around the world.

The discussion then turned to the zero Covid policy in China and whether it was making it tougher to get New Zealand wool into the Chinese market.

Edwards said it was very tough.

High humidity around New Zealand recently had resulted in more yellow wool coming onto the market.

A lot of that yellow wool would normally go to China but, with recent lockdowns there and factories being shut down for certain periods, that had changed.

Now we're not seeing any real buying power out of China, which meant a lot of yellow wool was on the market with the biggest buyer sitting on its hands, Edwards said.

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