Hardy woolgrowers who stuck with the industry are getting a big pat on the back.
Into an eight week rally, the eastern market indicator (EMI) added 59 cents for the week to finish at 2027 cents per kilogram, the highest since September last year.
"We have passed that magic 2000c level, for eight weeks we have rallied 178c - the best rally in terms of weeks since 2015," senior market analyst, Australian Wool Exchange, Lionel Plunkett said.
"The best rally we have ever had, in AWEX books, was in 1987 when it stemmed for 13 weeks.
"Since the reserve price scheme (RPS) falling, the best rally was 10 weeks in 1993 and 2009 and there has been eight rallies of eight weeks or longer, so if we get another week we are getting into some exciting territory."
The surge in demand and prices this week was no doubt helped by the announcement that the scheduled wool auction in South Africa for this week was cancelled because China suspended imports of South African wool as a result of an outbreak of Foot and Mouth Disease (FMD) earlier in the year.
Mr Plunkett said the prior to this week, the rise had been more consistent.
"I think this week it was all about quantities and the situation in South Africa would have played a part," he said.
"They (China) were expecting 30,000 bales this week and given we were 42,000, it's a reasonable amount.
"This has now flushed out an extra 8500 next week for us nationally, so at the moment we are expecting 49,738 for auction."
On Tuesday Melbourne sold in isolation and the limited offering came under intense buyer pressure from the outset, pushed by Chinese interests.
The largest gains were seen for 19 to 21-micron wool with gains of 80c to 90c pushing the 21-micron category in all three selling centres to all time highs.
The crossbred sector also continued upwards for the week with prices generally lifting by 20c to 50c.
The only downside weaved through all the good news was the western indicator fell by 41c.
"When the market jumps up quickly like that you always have to expect a push back at some stage and perhaps that is what we saw on Thursday," Mr Plunkett said.
"The only other bad news is the quality and volumes are starting to peel off a bit, although there is a spike next week.
"But those 8500 bales that have come out of hold, they would have been pencilled in for later sales, so of course once they are sold, they will be lost to those future sales."
Total bales offered this week was 42029 with 6.1 per cent passed in.