Keeping abreast of latest market intelligence for growers
Westcoast Wool & Livestock continues to ensure it provides the latest, accurate market intelligence to growers, with the company sending a strong team to the recent International Wool Textile Organisation (IWTO) Congress held in Hong Kong.
Danny Ryan, Justin Haydock, Reuben Small, wool export representative Gavin O’Dwyer and expert market analyst William Davidson all attended the IWTO market intelligence forum.
Danny said the event painted a promising picture for wool demand, driven by economic growth around the world, changing consumer tastes and preferences, strong textile production and the fact that processing of stocks was currently lower than normal.
He said there were also large stocks of coarse wools in New Zealand and once this cleared, prices for broader wools could improve further.
Wool consumption in China has been growing, effectively reducing its own wool exports.
Danny said lower wool production was also upholding the solid demand outlook, with Merino production expected to contract slightly more this season due to the dry conditions.
He said the event highlighted the continuing strong opportunities for wool in the active wear market, where its versatility and health benefits were being appreciated; its growing role in the transport sector, particularly in Europe with buses, trains and planes; and the need to reclaim wool’s contribution to the carpet industry.
The activities of The Woolmark Company to help promote wool to users and consumers, and to produce innovative products, as well as the development of Australia’s online wool exchange portal, ‘WoolQ’, also were updated at the Congress.