New Zealand Wool Prices Continue To Show Downward Trend In Economic Downturn

Industry experts say that after the rest of the market, the auction market will continue to slump.

Cedric Bayly, general manager of PGG Wrightson wool company, believes that

The development is faced with numerous difficulties.

In the recession, consumers spend more money.

In July 19th, the auctions of New Zealand's South Island were only over 50%, and prices continued to show downward trend.

Australian dollar

Climbing and continuing economic downturn, enterprises are increasingly inclined to use cheap nylon and other fibers instead of wool, resulting in weak market demand.

Mr. Bayly also said that demand will pick up and the price of wool will rise.

But the market demand will not rise substantially. After all, the current situation is really not optimistic.

Wool will still bring some benefits to the herdsmen, but not every aspect of wool sale can be profitable.

He also said that because of the recession, Europe and

Consumers are more cautious when buying.

We did not expect that the economic situation in Europe would be so severe.

Compared with British wool, the price of New Zealand wool is too cheap.

The price of New Zealand wool is often higher than that of British wool, but now the price difference between the two does not exist.

PGG Wrightson Wool Company auctioneer Dave Burridge has been engaged in the wool industry for 30 years. He said the auction in July 19th was the worst he had ever attended.

According to convention, July is the traditional selling season, and it is not known whether the market will recover in August.

Elders primary wool company auctioneer Roger Fuller said sales were terrible.

"I don't know what the end of this situation is. It's really disturbing at the moment." even if it's not repeated in August, it will not be able to save the market, because sales may remain low in September.

Wool prices and demand have dropped to the level of 2010.

President of New Zealand International Wool Company

It is believed that sales are not optimistic, and are not related to the traditional off-season sales.

This time of year is a fake day for European buyers, which is also a traditional off-season for China.

Many people will ask, "why is the wool market like this?" this problem has been discussed for many years, and it is still the case now.

He has confidence in the market, but wool prices will not rise to last year's high.

Although this is still in the early stages, sales at this time of year are not optimistic.

Business is not moving, but we hope it will be a little better.

In August 2nd, the auctions reached 62%, showing signs of recovery.

The rough hairs of various specifications are firm and weak.

Because of the renewed interest of Chinese buyers, the supply of high quality wool is good.