Sydney, Sept 18: Australian wool prices suffered further substantial price falls at sales in Sydney, Melbourne and Fremantle when the biggest weekly offering of the season so far hit the market, Wesfarmers Dalgety said on Friday."However, it was positive to see it stabilise for the last two days of selling amid the large rostered offering," Wesfarmers said.
A total of 101,571 bales were offered with the National pass-in-rate for the week being 14.5 per cent.
The Australian Council of Wool Exporters said auction sales saw prices fall by a further two per cent on average, which means prices have fallen by 15 per cent over nine weeks of selling this season to date.
The ACWE said that with the relatively large quantity of wool on offer (up to 80 per cent on the previous week) the trade felt that prices held reasonably well after a quiet first day in what can be best described as a dull market still suffering badly from lack of demand.
There was a better tone and a bit more confidence in the sale roomsas the week progressed, reflecting increased interest from a wider range of customers overseas.
"But it does need to be kept in mind that we are talking about the lowest price levels seen for the last four and a half years in Australian currency terms," the council said.
AWEX's Eastern Market Indicator fell 10 cents to 517 cents a kg clean.
This week's sales left Australia's unsold wool stockpile at 1,079,214 bales.
Auctions continue next week in Newcastle and Fremantle with a smaller offering of about 57,300 bales rostered for sale.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.