Commodities
Home›Commodities›Mining›British wool prices surge as global supply tightens
British wool prices surge as global supply tightens
Prices have jumped to more than a 70% increase over the past year, with a kilogram of clean shorn wool selling for £2.54 in the most recent sale versus under £1.50 a year earlier.
BBC Business reports that the price of British wool has risen more than 70% over the last year, helped by a smaller British flock and the drawdown of a global stockpile built up during the Covid-19 pandemic. The outlet says wool prices hit a 10-year high earlier this year and follows protests in which some farmers burnt fleeces over low pay.
On average, BBC Business reports that a kilogram of clean shorn wool sold for £2.54 in the most recent sale, compared with less than £1.50 a year ago. The story notes that while higher costs could challenge shoppers for wool items this winter, the increase can help farmers cover shearing costs.
The BBC Business story also links the price boom to stronger demand for wool beyond clothing. It says wool is used in products including flood protection systems and slug pellets, and it cites a “supply and demand” explanation from British Wool, including fewer sheep and a Covid-related carry-over that has cleared in the past two years.
In Wales, the outlet describes how wool is still graded by hand at a local depot, with different grades used for different end markets. It also notes that farmers face wider production pressures such as rising fuel and fertiliser costs, making returns from wool a potential relief for some producers.