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Wool price plummets as China pulls back on uniforms

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The past three months have seen the price of wool fall 10 per cent, with a 6 per cent reduction recorded last week.

The drop in price has been attributed to China cutting back on purchasing woollen uniforms as a reaction to the economic crisis in Europe according to abc.net.au

Lachie Brown, Elders wool sales manager has expressed his concern for wool producers;

"This not only impacts their confidence in the short to medium term, but also affects the volume of government uniform orders which many processors rely on for continuative business," he said.

The average price of wool is said to have dropped to $10, $5 less than it was two years ago.

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