36th Nanjing Wool Market Conference Concludes on Positive Note
Nanjing Wool Market conference concluded in Nanjing last week. There was a more positive feel, a contrast to the conference just one year ago. Some wool exporters commented that the conference provided the most positive business opportunities since 2022.
Over 380 delegates attended, including international delegates from Australia, New Zealand, Uruguay, South Africa, Italy, and Peru.
Conference delegates all expressed concerns around lack of wool supply, particularly Australian merino.
Early wool processors face low greasy wool stock of all origins. This is reflected in much higher wool prices for wool of all origins, and all wool types.
Does this mean the market is driven by real demand? Or is it panic buying? Woolnews.net asked wool exports, topmakers, and yarn manufacturers at the conference about this. Views are mixed. Some exports believe that the price spike is here to stay, and that this is driven by real demand and, increased orders further along the supply chain. Others believe that it is a simple case of building up depleted stocks by wool processors who firmly believe that irrespective of demand, wool prices will continue to increase due to low supply, and that buying today will be cheaper than buying tomorrow.
There were a number of speakers and a number of topics presented over the two day conference. Scott Carmody and Stephen Feighan of Australian Wool Innovation (AWI) clearly outlined reasons for the decrease in Australian wool production and expectations for global demand for wool. Rosstan Mazey of New Zealand National Council of Wool Interests (NZNCWI) spoke about New Zealand wool production and industry plans.
Deon Saayman of Cape Wools South Africa ran through analysis around South African wool clip and production outlook.
Margarita Cortabarria of Estancias Puppo in Uruguay explained changes in Uruguayan wool production, and the substantial increase in RWS certified wool available from Uruguay.
The conference finished in its traditional colourful banquet and the mandatory drinking competition sponsored by New Zealand WoolWorks, the largest wool scouring company in New Zealand. And the winning team was from China. New Zealand came a close second!