British Wool has recently announced a price increase, marking the first notable uptake since the COVID pandemic, as auctions are expiring an overall increase of 20% in prices.

The cooperative highlighted a strengthening global demand for British wool within different markets and products.

This positive outcome has been aided by the addition of three new major buyers participating in British Wool’s auctions.

The fall in demand for wool products during the Covid pandemic had a negative influence on prices.

British Wool’s director of marketing, Graham Clark, spoke on important improvements in both demand and auction prices over recent months. “Generally, prices have increased by 20% with some of the more sought-after types gaining 15p to 20p per kilo,” he described.

“Our auctions are more competitive than they have been in years with several new buyers entering the fray over the last couple of years.

“This, along with our promotional work, has had a positive impact on prices and means there is now genuine competition on all wool types.”

In the last year, British Wool reported an encouraging uptake of its brand licensing scheme, as 44 additional brands joined. Bringing the total to 130 global brands using sustainable amounts of British wool in their products.

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Whilst acknowledging a lack in retail sales and consumer confidence within the UK, Clark highlighted improvements in other markets including contract carpet and substantial volumes emerging from China.

“Although we are still some way off where we need to be, these gains are very encouraging and will help support member returns this year. We hope to see this trend continue into 2024,” said Clark.

British Wool’s grading depots and collection sites remain operational, urging farmers with wool on-farm to deliver it by the end of March.