Sharpest price increase in a decade

Recent auction sales have seen strong competition for wool and a significant increase in prices. All of the main buyers of Ulster Wool partners British wool have been active, with UK, European, and Chinese-focussed buyers competing to secure wool supplies. All core types are now trading at significantly higher levels than we saw last season. Indeed, prices are at the highest levels for almost a decade, which should help support returns for Ulster Wool’s members this season if higher prices can be sustained.

The index has increased by 27% over the last two months and the average auction price reached £1.21 per kg in the sale on 4^th November. Sale prices last season averaged £1.00 per kg.

The trend mirrors the price rises that have been seen in New Zealand, with global demand for quality cross-bred wools outstripping supplies.

Ulster Wool depot is still open to receive wool this season. The greater the volume of wool handled by your cooperative the lower the overall operating costs per kilo will be at year end.

Andrew Hogley, CEO: “Following some very positive conversations with the trade, our sales team is confident the strong demand will continue throughout the selling season.

“Sales in New Zealand over the last few weeks have also been very competitive with global market demand for quality cross-bred wools outstripping supply.”

This season’s wool is also generally of a higher quality than last season’s wool. The dry spring and summer resulted in whiter wool this season with more of the clip being classed as a No. 1 grade.

Andrew says: “Test results for new season wool continue to be significantly better than last year for colour and continue to produce a greater proportion of No.1 grades in the core types.”

We have received a large quantity of wool from new and returning members this season, but the overall volume handled to date is running around 2% to 3% below last year.

“Improved prices in the 2024 season encouraged many farmers who had been holding onto their wool, or using it on-farm, to present it for sale this year,” says Andrew.

“As a co-operative, we seek to maximise the returns for all sheep farmers. With prices having shown a further improvement over recent weeks, we encourage any members who still have wool on farm to send it in before the winter. 

“If you still have wool on-farm, please contact us to arrange delivery to one of our collection centres or arrange to have it collected. By collectively marketing the clip, we can continue to promote wool and drive demand to deliver improved prices.”