The 30th Nanjing Wool Market Conference was held in Nanjing, China last. As usual it was very well attended, with around 400 people attending, including a good number of people from outside of China, including from Australia, South Africa, the UK, the US, Uruguay, Argentina, New Zealand, Canada, Japan and India. It was a very interesting Conference.

The NCWSBA Executive Director, Chris Wilcox, gave a presentation on the current situation in the Merino wool market titled “Unprecedented”. He noted that in the 25 years in which he has been working in the wool industry ago, he has never seen such an extraordinary combination of low Merino wool production and stocks, synchronised economic growth, high consumer confidence, good conditions in the wool textile industry and a broad-based lift in raw wool demand. This has led to the unprecedented level of Merino wool prices. Hence the title "Unprecedented".

In particulra he noted that while Merino wool production will decline in Australia (and world-wide) in 2018/19, the more significant decline will be in the production of  20-23 micron wool. He concluded with the comment that even if he works in the industry for another 25 years, he doubts that we will see such an extraordinary and unprecedented situation and prices.

Further details with feedback from the Nanjing Wool Market Conference and the mood within industry participants, including a chart showing the estimate of production of 19 micron and finer wool and of 20-23 micron wool from Australia between 2010/11 and 2018/19, is included in this week's edition of the NCWSA Weekly Newsletter. This is available to members of the National Council of Wool Selling Brokers of Australia, together with his presentation.