The Australian wool market experienced a more variable Week 11, with early gains giving way to broader losses on the second selling day. A total of 23,486 bales was offered nationally, 1,535 fewer than the previous week, with 21,147 bales sold and the pass-in rate rising to 10.0%. The Eastern Market Indicator (EMI) finished 12 cents lower at 1,878 A¢/kg. Currency was influential, with the Australian dollar strengthening to 72.32 US cents; consequently, despite the fall in Australian-dollar terms, the EMI increased 8 US cents to 1,358 US¢/kg.

Tuesday opened positively, with Eastern Merino categories ranging from unchanged to 37 cents dearer and the EMI gaining three cents. Fremantle produced mixed results, with fine wool appreciating strongly while broader microns eased.

Sentiment changed on Wednesday, when most Merino descriptions lost ground, with buyers adopting an increasingly selective nature. Better “European-style” 19-micron and finer fleece remained well sought after, while broader and standard topmaking types were generally cheaper. The EMI subsequently lost 15 cents on the day.

Traders again led buying activity, followed by processors, while the proportion of wool passed in or withdrawn increased markedly.

The comparison with Week 11 last year remains striking. In 2025 the EMI gained 28 cents to 1,319 A¢/kg as the market recorded its eighth consecutive weekly rise, supported by tightening supply and strengthening demand. This year the EMI is 559 cents, or 42.4%, higher, despite easing during the week. Supply is also tighter: season-to-date offerings total 224,060 bales, around 9% below the corresponding period last season.

Attention now turns to Week 12 and the 37th Nanjing Wool Market Conference, being held from 18–20 September. The conference traditionally provides an important opportunity to assess Chinese processor and trader sentiment. With the national offering forecast to rise to around 30,185 bales next week, the market will face a useful test of underlying demand immediately ahead of the conference. Further daily volatility in the current trading range can be expected