There is no improved fortunes on the horizon in 2024 for wool prices, according to Vincent Pierce of Laurence Pierce Wool Merchants and Sheepwool Insulation Ltd.

Speaking on day one of the Kepak All-Ireland and International Sheep Shearing and Wool Handling Championships, Pierce said that there was some cause for slightly more optimism in the trade at the end of 2023 and the turn of the year, but that this marginal increase in positivity has diminished in recent months.

The Wicklow-based wool business, which has been trading in Ireland for over 150 years, says that some concerns over tighter supplies fed into a marginally better outlook for wool, with this reflected in steady clearance rates of upwards of 90% to 95% in British Wool sales.

However, with the supply-demand balance favoring supplies, clearance rates in recent sales have fallen back to 60% to 70% and eroded any renewed positivity.

Vincent Pierce, wool merchant, Rathdrum, Co Wicklow.

As such, Pierce predicts that wool prices will remain unchanged in 2024.

The trade for wool from hill breeds will depend on quality, with prices forecast to range from just 5c/kg for grey or black Scotch wool to upwards of 10c/kg for better-quality white hill wool.

Prices for lowland wool are forecast in the region of 15c/kg to 20c/kg, with the possibility of a “touch extra” for very good-quality wool.

Wool insulation

Vincent Pierce was more optimistic regarding growth in wool insulation. He said that SheepWool Insulation is continuing to grow its market share and added that this is providing some demand for lower-value wool.

While there is a greater acknowledgement of the enhanced sustainability credentials of sheep wool insulation, price is a determining factor in many purchasing decisions.

More research into novel uses for wool and the adoption of processing efficiencies offers some hope of new outlets for wool.

However, for now, market dynamics are likely to remain unchanged in the short term.