Wool prices in Australia have fallen more than 25 percent after trade routes were abruptly cut amid the coronavirus pandemic
Wool prices are particularly volatile and difficult to forecast, given there is no reliable data on inventory levels around the world.SYDNEY - Wool prices in Australia, the world's dominant exporter, have fallen more than 25 percent since early March after trade routes were abruptly cut amid the coronavirus pandemic, leaving Chinese wool mills in control overbidding.
Wool broker David Hart, from Nutrien Ag Solutions, told Reuters that Chinese buyers now controlled pricing."There's a lack of competition at auction and they have the market to themselves," said Hart, who attended the auction in the Sydney suburb of Yennora this week. Prices have almost halved from a year ago, when global demand for wool products was soaring at the same time supply was under threat during a prolonged drought ravaging Australian farms.Australia controls 90 percent of global fine-wool exports, where prices are largely driven by Chinese wool mills and Italian garment makers.
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