New Zealand Wool Market Slows After Strong Season

New Zealand's wool market is experiencing a slowdown after a strong season for growers. Buyers have become reluctant to pay top dollar, leading to decreased prices at recent auctions.

However, some auctioneers believe that the mid-winter market may have hit its floor, with prices potentially stabilizing in the coming months.

The average greasy price at a recent auction was 375 cents per kilogram, compared to 488c clean. The average price per bale reached $562.87, down from $417.72 at the same time last year.

Chinese buyers are among those showing reluctance to pay high prices, but some industry experts believe that the worst of the correction has passed.