Record-high wool price leaves Australian growers in shear delight

Strong demand from China, as well as European fashion houses and US sportswear companies, is proving a boom for the industry

The price of wool has reached an historic high after decades of poor returns and Australian woolgrowers are saying the market is stronger than it has been in 30 years.

The price signal, the eastern market indicator, reached a record $18.30 per kilogram this month, double where it was eight years ago. The hike has been driven by strong demand from China and European fashion houses, as well as growing interest from shoe and sportswear companies in the US.