The Australian wool market is knocking down extra wool at auction with 33,768 more bales sold to the trade to the same point of last year, up 4.5 per cent.
And with more bales coming onto the market the last few weeks, the market is holding its own, dropping just six cents despite the national offering increasing.
According to AWEX reports the larger offering this week took this season's offering above that from the corresponding sale of the previous season with 4717 more bales offered in the 2020/21 season than in 2019/20.
At the end of the selling week the Eastern Market Indicator closed at 1285 cents per kilogram, clean, a drop of just 0.5 per cent.
The Australian dollar was slightly softer down to US$0.761 which saw the EMI in US terms finish seven cents weaker at 985c or 0.6pc down on last week.
Industry experts were expecting a consolidation after momentum was lost at Fremantle at the end of the previous week, but sentiment remained stronger amongst the trade than first thought.
This week Fremantle recovered and posted 20 to 50c rises for its 18 to 21 micron types.
In turn, Fremantle rose slightly for the week gaining 15c and finishing at 1313c/kg.
Merino fleeces started the week 30c lower, but staged somewhat of a comeback to be generally just five to 15c lower by week's end.
Melbourne recorded losses across all Merino Price Guides (MPGs) of between three and 24c and Sydney posted movements in its MPGs of between minus 30 and plus six cents.
This week's slight price falls in both indicators was the first hiccup in the bullish price trend set in place since early December.
AWEX Market information manager Lionel Plunkett said the 134c lift for the EMI in January was the largest January rise in a decade.
"This series the total dollar amount of wool sold passed the one-billion-dollar mark for the season," Mr Plunkett said.
"Last season this feat was achieved in week 24, overall reduced prices meant that five extra sales were required for this milestone to be reached this season."
After being the strongest performing sector over the previous three weeks, the oddments were the only section of the market to record overall losses in all three centres.
This was reflected in the three Merino carding indicators which dropped by an average of 17c.
Next week's national auction rostered volumes continue to rise with the offering expected to reach around 53,000 bales.
Melbourne will require three selling days to accommodate the extra quantity.
