British Wool Launches Major Cost Saving Initiative.
News 06 Jan 2021
The Covid-19 pandemic has had a significant detrimental impact on the global wool market and despite the fact that British Wool has cleared the 11million kg of unsold wool they had at the end of April the market remains extremely challenging.
Andrew Hogley, Acting CEO explains “British Wool has managed to sell wool in decent volumes since August which has allowed us to clear last season’s unsold stock but prices are still severely depressed. The global market faces an oversupply of cross-bred wool, this is mainly from New Zealand but also from other European markets. Although we have seen some more positive signs in recent auctions on some wool types, carpet wools remain under a great deal of pressure. The contract carpet market which serves hotels, offices, cinemas, restaurants, airports, cruise ships, and the like, remains extremely depressed due to the closure of the hospitality trade due to the C