Wool Market Update
The wool market continues to struggle in 2021 due to the ongoing effects of the global Covid pandemic. Fine wools have made better recovery progress but marketing broader wool types can be a challenge, particularly for grades containing high vegetable matter and with low yields or poor colour. There is a surplus of unsold coarser wool types in every wool producing country in the world with a new clip coming to market. This is mainly due to the China / USA trade conflict in 2019 and then followed by Covid-19 which has had a dramatic impact on wool demand from March 2020 onwards. However, we are seeing some signs of improvement which is encouraging.
The entire global textile chain has been impacted for various reasons, some of which are as follows.
- Many mills have operated at significantly reduced capacity due to Covid and cancelled...