South Africa – Weekly Market Report (23/24 May 2023)

South Africa – Weekly Market Report (23/24 May 2023)

The 2022/23 wool selling season continued with an offering of 7 912 bales on the 33rd sale of the season.

Although 61% of the offering tested 20 micron and finer, there was once again similar volumes of long and medium length wools on offer. Certified sustainable wools comprised 66% of the merino wools on offer.

The market followed the downward trend in the Australian market, which experienced considerable pressure this week, amidst negative market sentiment.

The non-certified indicator decreased by 4,6% to close on R164,58 p/kg , whilst the certified indicator shed 4,9% to close on R180,15 p/kg, with an overall sales clearance of 90,8%

The Australian market declined by 3,9%(AU$) this week from the previous sale held on Thursday, 17 May and also experienced high passed-in rates.

The major buyers on today’s sale were: Standard Wool SA (1 836), Tianyu SA (1 741), G Modiano SA (1 549) and BKB Pinnacle Fibres (601).

The next sale will take place on 31 May where approximately 7 522 bales will be on offer.

Source: Cape Wool SA