The Australian wool market steadied last week, with supply continuing to exceed demand.
There were about 40,641 bales offered at physical auction sales across the nation and prices took a gentle tumble.
The Australian Wool Exchange Eastern Market Indicator (EMI) softened by 28 cents a kilogram last Tuesday, and fell a further 2c/kg on Wednesday to close the week at 1159c/kg - or US844c/kg.
After Tuesday's price drops of 34c/kg in Sydney, 24c/kg in Melbourne and 33c/kg in Fremantle, all markets then stabilised.
Sydney closed the week down a further 4c/kg at 1214c/kg, Melbourne remained at 1125c/kg and Fremantle finished 4c/kg above its first selling day close at 1212c/kg.
The national offering remained firm from the previous week, with a slight dip of 1346 bales presented.
The pass in rate closed at 19.7 per cent, which was up significantly from the previous week and represents the uncertainty in the market.
Although, a positive tone was apparent by the close of the selling week, as bids flowed-in from overseas markets and corrected early losses.
The AuctionsPlus Offer Board had another quiet start to last week, but picked-up alongside the physical market and 364 bales were sold.
Lines of 18-micron wool reached up to 1100c/kg (greasy), or 1532c/kg (clean), and 19-micron wool sold to a top of 960c/kg (greasy), or 1387c/kg (clean).
The top priced lot online was for 15.7-micron Merino Fleece, AAAM wool, which sold for 1575c/kg (greasy), or 2103c/kg (clean). It had a staple length of 98 millimetres and very little vegetable matter of 0.3 per cent.
This lot was branded SG & AEB and offered by Beecher Wool Services.
Just below 200 bales have already been sold online this week, suggesting the market may continue on its steady trajectory from last week's close.
The physical auction market will see a supply spike this week, with estimated listings sitting at 41,531 bales more than last week. This may see the pass in rate remain high.
