The wool market continued to strengthen last week, with further price rises recorded.
This improvement was echoed by the Australian Wool Exchange Eastern Market Indicator (EMI) gaining 123 cents a kilogram last Tuesday, before a 21c/kg contraction occurred on Wednesday.
The EMI closed the week at at 1219c/kg, which was 863c/kg in US Dollar terms.
There were 34,093 bales of wool offered nationally last week and the pass in rate increased to 6.2 per cent, as supply outweighed demand.
Despite the overall drop in demand for the fibre, prices remained strong at 102c/kg higher overall compared to the previous week.
This reflects Chinese textile mills increasing their production on the back of more demand from domestic consumers.
Online, the AuctionsPlus Offer Board saw steady buyer inquiry and 2216 bales sold last week.
This was a slight dip from the previous week.
Online, 15 and 16-micron fleece wool sold up to 1795c/kg and 1454c/kg (greasy), or 2406c/kg and 2040c/kg (clean) respectively.
Lines of 18 and 19-micron fleece wool sold up to 1253c/kg and 1040c/kg (greasy), or 1649c/kg and 1450c/kg (clean) respectively.
A lot of 14.9-micron Merino fleece wool secured the top price online last week at 1829c/kg (greasy), or 2468c/kg (clean).
This NSB-branded wool had a vegetable matter of 0.3 per cent, measured 77 millimetres in staple length and was offered by Roberts Wool.
Looking ahead, the AuctionsPlus Offer Board has experienced a fall in demand at the start of this week.
At the same time, national wool offerings continue to rise - with a predicted 43,966 bales to go under the hammer at physical auctions in week 18.
With a bigger offering this week, it will be interesting to see whether demand will match the increased supply.