AUCTIONSPLUS online wool sales slowed last week as Australia’s physical auction market suffered a big price correction.

AuctionsPlus’ Zoe Macfarlan said the platform’s offer board had a quiet start to the week, selling 187 bales for the period, correcting to close out a busy month.

Online, 16 micron wool sold up to 1700c/kg greasy or 2254c/kg clean. There were 54 bales of 18 micron wool sold, to a top of 838c/kg greasy or 1449c/kg clean. The top-priced lot online was 15.4 micron line of Australian Superfine fleece wool that sold for 1820c/kg greasy or 2450c/kg clean. The line had an average staple length of 76mm wool and 0.5 percent vegetable matter content. It was offered by Australia Wool Network under the Inverkip/New England brand.

Ms Macfarlan said the AWEX Eastern Market Indicator weakened 71 cents last Tuesday and a further 10 cents on Wednesday to close out the week at 1138c/kg clean, or 813c/kg in US$ terms.

The national offering increased significantly to total an estimated 43,966 bales, up by almost 10,000 bales on the previous seven days. However, she said supply surpassed demand once again, with the passed-in rate at 26.2pc for the week.

“Off the back of a weaker market, buyers were cautious on Tuesday; however, a considerable level of demand remained, with buyers gaining confidence and prices remaining relatively unchanged to close off the week.

“After a positive run in recent weeks, external global market factors still pose a considerable threat as COVID-19 continues to intensify in the US and Europe as further shutdowns and restrictions are announced in certain countries, prolonging the return of key markets,” she said.

Source: AuctionsPlus.