British Wool has announced its first sustained price recovery since the Covid-19 pandemic, with a general rise of 20% across recent auctions.
The organisation has said that sold globally across several different markets and products, demand is growing across the world for British wool.
This has reportedly been helped by the addition of three new buyers of scale at the British Wool auctions.
Graham Clark, director of marketing for British Wool explained: “Over the past few months we have seen a healthy improvement in both demand and prices at our auctions.
“Generally, prices have increased by 20% with some of the more sought-after types gaining 15p to 20p/kg.
“Our auctions are more competitive than they have been in years with several new buyers entering the fray over the last couple of years,” he added.
“This, along with our promotional work, has had a positive impact on prices and means there is now genuine competition on all wool types.”
British Wool
Over the past 12 months, the organisation has said that it has further strengthened its brand licensing scheme with an additional 44 brands coming on board.
Now, the organisation works with 130 brands across the globe which all use high proportions of the British fibre in their products, further helping to drive new demand.
“Retail sales and consumer confidence very much remain an issue in the UK, we have seen improvements across other markets such as contract carpet, plus good volume coming out of China,” Clark added.
“Although we are still some way off where we need to be, these gains are very encouraging, and will help support member returns this year. We hope to see this trend continue into 2024.”
British Wool’s grading depots and collection sites remain open, and farmers who have wool on-farm are urged to deliver it by the end of March.