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Demand for NZ crossbred wool increases

As per latest Situation and Outlook report by the Ministry of Primary Industries, demand for NZ cross bred wool from China has just starting to return. Auction prices too have lifted slightly in recent months. The wool market had been struggling for the past 18 months or more. The main reasons were a lack of crossbred wool demand from China and increased competition from cheaper synthetic fibres. That had led to a build-up of inventory on farms and throughout the supply chain, which was slowly being worked through.

As opposed to crossbred wool, fine wool prices had reached record highs but fine wool accounted for only 8 per cent of production. The price difference between fine wool (less than 24.5 micron) and crossbred wool (over 31.4 micron) had never been greater. From January to March this year, fine wool export prices were five and a-half times higher than crossbred.

 

 
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