Dave Burridge, an international auctioneer of wool partners, said that due to the earthquake in the Christchurch area, sales in the previous week were cancelled and buyers turned to the auction last Thursday to ensure that the wool was delivered immediately and shipped .

He said that buyers believe that the price needs to be consolidated to provide confidence in the market and ensure that prices remain stable.

Compared with the sales on February 17, the price of 31-29 micron high-quality hybrid wool increased by 3-5%, the price of poor quality wool increased by 4%, and the price of hybrid shredded wool increased by 2-3%.

The price of second-class sheared wool increased by 4-5%, and the price of first-class lamb wool decreased by 5%.

John Dawson, general manager of New Zealand Wool Bureau International, said that the nominal price of medium-micron wool increased by 3-8%.

South Island and North Island auctioned 20,000 bales, with a turnover rate of 97.7%.

Dawson said that the reduced supply and huge demand will become the main market drivers.