The final sale of 2024 held by British Wool on 3 December 2024 finished the year on a relatively positive note. Sale averages and clearance rates have been much improved in recent sales and while there was not any great change in the final sale of 2024 it has been recorded as positive in the main with British Wool reporting that underlying prices strengthened on the previous sale.

The average price of greasy wool was up 0.5% to £1.03/kg (€1.25/kg) while the price index which is based off clean wool prices increased by 2% to £1.52/kg (€1.85/kg). As can be seen in the price graph prices are now on a par to 2019 but still well shy of prior years.

There was a good clearance rate of 92% of the 1,225t offered for sale. The offering in sales for the 2024 season wool clip has been running significantly lower than sale averages in recent years and British Wool expects its supply in the 2024 season to be 7% lower than the 2023 clip year.

Sale trends

All core types of wool were reported as mainly trading dearer with better colour wools highlighted as being favoured again. The sale report adds “as has been the trend of the last several auctions, lots with poor test results for colour were discounted, disproportionately affecting Romney grades as the colour for these grades have been poorer the last few months, meaning some were unsold.”

There was a noted increase in the trade for Welsh Mountain wool in the number one and two grades and while this is viewed as positive British Wool stress that much higher prices are required to see a fair return to farmers. Bidding was not seen as competitive as the last few auctions but nevertheless the trade was noted as remaining strong for the majority of catalogued wool.