Demand seemed to outstrip supply, causing all types and descriptions to experience large gains. The tone was set on the first day from the opening hammer in the eastern states, with prices across the entire merino spectrum increasing by 40 to 50 cents from the outset.

The benchmark Eastern Market Indicator (EMI) rose by a significant 46 cents, the largest daily increase in more than two years. All types and descriptions enjoyed similar rises regardless of style or spec.

The second day of selling saw more price increases, although a little more subdued compared to the large rises of the previous day.  The gains were again across the board, this time an average of 10 to 30 cents.

The EMI recorded a further increase of 18 cents, closing the week at 1614 cents. The EMI is now at its highest ever published level. Notably, the Micron Price Guides (MPG) for 22.0 and 23.0 micron are now at record highs.

The skirting market followed a similar path to the fleece. Prices generally increases by 30 to 40 for the week. Stylish FNF (<2.0 per cent vm) skirtings enjoyed the largest gains, as buyers attempted to find fleece substitutes in a continually rising market.

The crossbred sector also had experienced sharp rises this week. Prices generally rose by 50 to 80 cents, and as in recent sales it was the better prepared lines that enjoyed the biggest increases in price.

A limited selection of oddments was the only sector to not record significant rises.

Most types and descriptions were firm to seller’s favour, resulting in the three carding indicators rising by an average of two cents.

Next week sees a further reduction in quantity as the Fremantle region has a one week recess.

Currently, there are 36,888 bales rostered for sale in Sydney and Melbourne.