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Wool growers celebrate record prices

The Eastern Market Indicator published by the Australian Wool Exchange reported strong prices in February which have continued an upwards trend into the Christmas break.

Export buyer Scott Carmody said they were the highest prices he has paid in his 32 years in the industry. "Individually there have been some wool types, particularly the superfine types, that have been better in the past but at the moment as an industry we are hitting record levels," Mr Carmody said.

The industry experienced two significant boom periods — in the late 1980s and early 1990s. After record highs the industry collapsed with an oversupply.

The industry is not expecting the appetite for Australian wool to decline any time soon.  Asia is driving the demand, China imported more than 70 per cent this year.

"They are hungry for our wool clip we've got plenty of orders being written into prompt shipment … so we can only see the demand staying," Mr Carmody said. 

(From ABC Rural - 14 December 2017)