The wool market has 47 million kilos unsold

The wool market has 47 million kilos unsold

According to the Uruguayan Wool Secretariat, there are products waiting to be marketed for more than four years.

(Image: Freepik)

The business operations of the wool market continue to be very low, causing them to be out of stock 47 million kilos and with a history of more than four years without selling certain products such as 26 micron Corriedale yarns because there is too much supply worldwide and too little demand.

“There is a product of the last four or five years and it is tremendous for anyone,” lamented the new president of the Uruguayan Wool Secretariat (SUL), alfredo fros, in Time of Change of Rural Radio. The type of wool that is suffering from few sales are Corriedale wools of 26 microns and up, of which there is a large supply globally and the demand is very little, according to the specialized media Blasina y Asociados.

In this sense, while the Uruguayan Secretariat for Wool obtained a business for 3,000 kilos of 22.8 micron wool conditioned with a green tap at a price of 4 dollars per kilo fleece, the Association of Wool Consignees and Auctioneers did not have any sales this week.

However, the beginning of this week began with a rise in the price of wool of 0.8% in US dollars. This increased the Eastern Markets Indicator to 8.67 dollars per kilo clean base. With this, and for the second consecutive day, the wool accumulates a 1.3% in the last two auctions in Australia.

The price increase was due to the decrease in demand and the strengthening of the Australian currency. However, not all types of wool rose as Merino wool fell in the Uruguayan peso due to quality issues caused by its high vegetable content while prices rose in the 19 to 21 micron categories. For example, 28 micron wool rose 0.9%, trading at $2.23 clean base, although it is a 22.6% below the 2021/2022 harvest.

Source: Ambito

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