THE Western Market Indicator (WMI) gained nine cents per kilogram on the final day of trading to finish the week at 1289c/kg, 132c/kg above the Eastern Market Indicator (EMI) that closed one cent higher to realise 1152c/kg.
The first day saw Fremantle fall in line with the East, with the wool market recording an overall reduction, mainly due to losses in the Merino fleece sector.
The increased national offering was also partly to blame for the losses experienced on Tuesday, which saw drops of between nine and 43c/kg across the micron price guides.
Overall the national offering of 44,033 was almost 4000 bales more than the previous week, with WA contributing 9289 bales.
Nationally a total of 40,207 sold and Fremantle accounted for 8415 of this.
The Western Wool Centre (WWC) breakdown saw 3940 bales sold on day one, when 46 bales were withdrawn and a pass-in rate of 13.4 per cent was recorded with the WMI falling by 18c/kg to 1280c/kg.,
Rallying on day two a total of 4434 bales sold with 147 withdrawn and a 6.4pc pass in rate to increase by 9c/kg and lose at 1289c/kg.
Australian Wool Network (AWN) wool specialist based in Narrogin, Steve Squire, said it was the extra quantity of bales entered that contributed to the result of the sales, especially day one.
"This was driven by indent buyers, who have a certain volume to purchase each week.
"AWN sold on day two, when after the results of day one, Melbourne had a fairly high withdrawal rate.
"It was also advantageous that Fremantle sold last.
"The cardings sector performed well providing reasonable gains and contributing to the overall increase."
According to Australian Wool Innovation, it was notable, at the completion of the first half of the 2023/24 season, Chinese import of Australian wool by percentage of volume has grown even further.
"By the end of the Australian Bureau of Statistics (ABS) reporting period in December 2023, export data showed that 85.5pc of all Australian wool flowed through to offload in China," AWI said.
" Last year's completed season 2022/23, China's import was 82.6pc by volume.
"At the halfway point of the 2023/24 season, 96.7pc of all wool export by weight has been in the raw greasy wool state.
"A further 2.2pc was exported as carbonised wool and 1.1pc was in the scoured wool form.
Next week 45,555 bales are on offer over the two days, with Fremantles total google at 9602.
The sales will take place on the regular Tuesday and Wednesday roster, in the lead up to the one week recess in sales for the Easter break, returning April 9 for sale F 41.
Tamara Hooper
Journalist with Farm Weekly newspaper WA.
Journalist with Farm Weekly newspaper WA.
