British Wool has confirmed a strengthened market for wool with prices at their highest level for four years following a disappointing few years.
Since the start of the season, British Wool’s auction prices have increased by 20% equating to an average improvement of 17p per kilo.
This equates to approximately 40p per fleece, the co-operative said, adding that the figure was 'encouraging'.
"Average prices for 2024 season wool have increased for every core grade of British Wool," explained Andrew Hogley, British Wool’s CEO.
“The team has been working on a number of initiatives to support demand for British wool and deliver better prices.
"In addition, the tests we run on each sale lot confirm that the wool this season has higher yields.
"The incessant rain over the last year means that there is less dirt and grease in each fleece. This is also helping to support improved prices.”
It follows a decline in wool volumes last year which had impacted returns at the start of 2024, by around 7p per kg.
In response, British Wool said in May that there would be 'difficult times' for the sector.
But the co-op said following the recent price movement that it was a "positive step in the right direction", although prices needed to increase further.
It comes as the Bradford-based group has been working with manufacturers to strengthen demand for wool to deliver better prices.
In the same vein, it made an investment in Nexgen Tree Shelters to help bring wool based biodegradable tree shelters to market to drive demand for mountain wools.
And most recently, a Shaun the Sheep marketing campaign was launched to support wool carpet sales through UK retailers.
Mr Hogley concluded: “With the initiatives we have in place, and feedback from the market, we are confident the recent price gains are sustainable.
"Prices need to increase further, but this is a positive step in the right direction. Our depots and drop off sites remain open and ready to receive wool.”
