NZ closes door on worst wool season since the GFC as Chinese demand dries up

Wed, 05 Jul 2017

By Tina Morrison July 5 (BusinessDesk) - New Zealand just finished its worst wool season since the global financial crisis as China, the largest buyer of the fibre, switched its preference to fine wool and away from strong wool that makes up the majority of the country's clip. A total of 420,378 bales were offered at auction in the season that ended June 30, with 311,698 sold, giving an average clearance rate of 74 percent, according to AgriHQ. The number of bales was up 1.1 percent on the previous season as unsold bales were re-offered a...

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