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LATEST NEWS

COVID-19 causes fall in prices for all textile fibres

18 May 2020
Wool prices have fallen sharply in the past few months, particularly in US$ terms. For example, the EMI is down by 30% since January, while the 18 micron price guide has fallen by 27%. What has happened to the prices for other fibres, including wool from other countries? Have they been affected as much by COVID-19 and the lockdowns? Prices for other fibres have seen sharp falls in prices in the past few months, particularly the prices of man-made fibres. The oil-based synthetic fibres such as…
Consumer confidence
Industry News

Slump in consumer confidence a contributor to demand destruction for wool

11 May 2020
The fall in wool prices in the Australian wool market is unrelenting in response to the destruction of demand caused by the COVID-19 pandemic. The Eastern Market Indicator (EMI) fell by 55 Acents, the fourth consecutive weekly decline, and finished at 1170 Ac/kg, the lowest week ending level in five years. One cause of the demand destruction is a collapse in consumer confidence in most of the major wool consuming countries and regions in April due to the Covid-19 pandemic lockdown. The chart…

Australian wool production forecast to fall again in 2020/21

04 May 2020
The Australian Wool Production Forecasting Committee (AWPFC) met on Wednesday 29th April 2020 and reviewed its forecast of Australian shorn wool production for 2019/20. It also decided on its first forecast for 2020/21. The Committee revised its forecast for 2019/20 to 281 mkg greasy. This is a 6.3% decline on shorn wool production in 2018/19. It is higher than the 272 mkg greasy that the Committee forecast in November, in line with the AWTA test data to end March. The Committee’s first…

Double whammy for wool demand

04 May 2020
Obviously the Covid-19 pandemic has had a huge impact on demand for wool, as it has on demand for many commodities and raw materials, as well as products around the world. The market for wool used in clothing has been hit by a double whammy over the past 18 months or so. First came the US-China trade war (remember that?), which triggered a sharp fall in Australian wool prices from the supercycle peak. There was a resultant 24% drop in the EMI in A$ terms from the supercycle peak in August 2018…

Lower raw wool trade due to weak demand

27 April 2020
Global demand for raw wool was weak before much of the impact of the Covid-19 pandemic and travel, social and economic restrictions were imposed. This is illustrated by the trends in the volume of exports from the five major wool exporting countries. The total wool exports from the five major exporting countries was 10% lower this season to February compared with the previous season. Exports from Australia, Argentina and Uruguay were all lower this season. The largest decline was for Uruguay,…

Wool consuming economies forecast to take a huge hit from Covid-19

20 April 2020
The International Monetary Fund released new forecasts for economic growth in 2020 and 2021 for the world and forecasts for each country to account for the Covid-19 pandemic and the associated lockdowns and travel restrictions imposed by many countries. They make for pretty grim reading. The IMF says that ‘This crisis is like no other…the loss associated with this health emergency and related containment measures likely dwarfs the losses that triggered the global financial crisis.’ Despite the…

Consumer confidence plunges in major wool consuming countries

15 April 2020
There is obviously much concern around the world about the impact on the economies around the world of the COVID-19 lockdowns and restrictions, and the likely huge impact on retail sales, and what this may mean for raw wool demand. Because Government data is lagged, it is too early yet to know the extent of the damage in Europe and North America, as well as here in Australia. However, consumer confidence provides an advance indication of what may happen to economies and, in particular, to…

Decline in weight of wool tested eases in March

06 April 2020
AWTA last week released the data on wool tested in March. It shows that the weight of wool tested in March fell by 3.9% compared with March 2019. As a result, the year-on-year change for the first three quarters of 2019/20 was a decline of 5.5%. This year-on-year decline continues to be smaller than the Australian Wool Production Forecasting Committee’s November 2019 forecast of a 9.2% drop in 2019/20. The Committee’s forecast anticipated a larger decline for New South Wales than has actually…

NCWSBA Wool Broker Award now open for 2020

06 April 2020
The NCWSBA Wool Broker Award for 2020 has been launched! This is the ninth year the Award has been offered. This year’s Award is again sponsored by AWTA (as the industry sponsor) and Sheep Central (as the media sponsor). The Award recognises excellence in wool broking by a younger member of our industry – be it client servicing, auctioneering, innovation or other aspects of wool broking. This year’s Award winner will be granted an all-expenses paid trip to Kyoto, Japan to attend the 2021 IWTO…

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News Flash

The Australian Wool Production Forecasting Committee (AWPFC) met on Wednesday 29th April 2020 and reviewed its forecast of Australian shorn wool production for 2019/20. It also decided on its first forecast for 2020/21. The Committee revised its forecast for 2019/20 to 281 mkg greasy. This is a 6.3% decline on shorn wool production in 2018/19. It is higher than the 272 mkg greasy that the Committee forecast in November, in line with the AWTA test data to end March. The Committee’s first forecast for the 2020/21 season is that shorn wool production will decline again despite the extensive rainfall across eastern and south-eastern Australia in recent months. While wool cuts over the 2020/21 season will improve, the Committee expects that lower sheep shorn numbers will push production lower. You can see full details in the Media Release from the AWPFC.

Download AWPFC Media Release 1st May 2020

National Council of Wool Selling Brokers of Australia

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