Wool's EMI sheds 39c as coronavirus spreads around world

The disease has now been declared a global pandemic with the whole of Italy, a major processors and consumer of fine Merino wool, in lockdown.

But coronavirus cases in China, the dominant buyer and processor of the Australian clip, are falling according to official figures out of Beijing.

Wool prices drifted south across the three major auction selling centres in Sydney, Melbourne and Fremantle on Wednesday.

Growers are clearly in no mood to take the lower prices with a national pass-in rate of 27.4 per cent.

A total 22,217 bales were offered with 16,139 bales sold for a turnover of $24.8 million. Another 22,000 bales will be offered today (Thursday).

In Sydney almost 30pc of the Merino fleece offering failed to meet sellers' reserves.

Wools 18.5 micron and finer eased by 50-70c across the board while broader microns were 40-50c lower.

Merino skirtings eased by 50-60c while crossbred wools were generally unchanged.

The Northern Indicator nosedived by 41c to 1564c a kg with a pass-in rate of 24.6pc on an offering of 5099 bales.

The Melbourne market is struggling with large catalogues with 11,138 bales offered and 8423 cleared to the trade.

Merino fleece 18.5 micron and finer fell by 70c and broader wools by 35-45c.

Merino skirtings lost 70c with lines broader than 18 microns under tough pressure.

The Southern Indicator shed 39c to land on 1497c.

Price falls in Fremantle were met with tough seller resistance with a pass-in rate of almost 40pc on the Merino fleece market.

Finer wools were hardest hit with 18.5 micron and finer falling by 30-55c while 19 to 21.5 microns lost 20-25c.

Merino skirtings 18 to 18.5 microns were 40 to 50c easier while 19 microns and coarser dropped by 30-45c.

The Western Indicator fell by 27c to 1635c with 3871 of the 5980 bales offered cleared to the trade.