Wool price at seven seven-year high

Wool returns received by Ulster Wool’s members are at the highest level since 2018.  This has been driven by strong demand from buyers over the course of the last year with auction prices in March hitting levels not seen since October 2018.

Commenting on the trends, Brendan Kelly, Chairman of Ulster Wool, says: “With an average auction price of £1.00 per kg Ulster Wool’s sale price is 18p per kg higher than last year.  Coupled with strong cost control, this price increase has flowed through to improved member returns.”

There was a significant increase in demand for cross bred wool through the Autumn and Winter with prices in both the UK and New Zealand showing a strong recovery.  This has resulted in a 70% increase in member returns this year.

Brendan says: “Demand through the middle of the selling season was exceptional with many auctions having a nearly full clearance.”

The strong market led to Ulster Wool having sold 83% of its supplies by mid-April.  The remaining wool is scheduled to be auctioned in May and June before new season wool is ready for auction in July.

Ulster Wool has been particularly active in the market over the past 12 months, proactively working to drive demand from manufacturers and retailers, developing the Yarn and Fabric collections, which were showcased internationally.  This activity helped to increase the number of brand partners, which specify that the wool in their products is sourced from British & Ulster Wool’s members, to more than 170.

With decreasing volumes received in recent years, it is believed some farmers have chosen to hold on to their wool, or use it on-farm, rather than sending it in to a depot or collection centre.

Brendan continues: “As wool prices improve, better returns should hopefully encourage more Northern Ireland farmers to send in their wool. 

“Ulster Wool, along with partners British Wool, are the only organisations in the world that collects, grades, sells and promotes fleece wool. We are committed to collecting wool from all sheep farmers, regardless of the quantity, quality, type, or location.  Demand for wool is improving and to maximise returns, Ulster Wool urges its members to send in their fleeces in 2025.  Please contact the depot or visit the Ulster Wool website for details of your nearest collection centre.”