Ulster Wool reports sharpest price increase in a decade

Ulster Wool partners British Wool’s recent sale, saw the most intense level of competition in the last decade.  All main buyers were active, with UK, European, and Chinese-focussed buyers competing to secure wool supplies. All core types traded significantly higher, with the main grades of carpet wool trading close to 20% higher towards the end of the catalogue.

Prices in the sale on the 7^th of October increased by 14.2% over the mid-September sale.  Over the month, the prices achieved in the wool auctions have increased by 22.5%.  The trend mirrors the price rises that have been seen in New Zealand, with global demand for quality cross-bred wools outstripping supplies.  

The average sale price achieved on behalf of Ulster Wool’s members was £1.18 per kg, a marked increase over the average sale price for the 2024 season.  Sale prices last season averaged £1.00 per kg.

Andrew Hogley, CEO, Ulster Wool: “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 we continue to produce a greater proportion of No. 1 grades in the core types.”

Ulster Wool has received a large quantity of wool from new and returning members this season, which is encouraging to see.

“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 Ulster Wool seeks 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 and drive demand to deliver improved prices for Northern Ireland wool.”