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Chinese demand drives wool prices
14 Aug 2007
China, the biggest importer of Australian wool, confirmed yesterday that more than one-third of its 2007 quota had not been filled. Australian wool growers are concerned about whether the remaining quota would last until the end of the year if import rates continue at their current level, 20 per cent higher than last year. Federal Trade Minister Warren Truss said that in talks with China’s Ministry of Commerce last week it was confirmed that although the quota of 287,000 tonnes had been allocated, 110,000 tonnes of the quota was yet to be used. Last week the WA price benchmark Western Indicator was up by 32 cents per kilogram to 906 cents per kilogram.
The West Australian, 14/08/2007
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