June 27, 2008
June 27, 2008 - An Indian fabric maker paid nearly $250,000, a record price, for a 200-pound bale of exceptionally high grade wool at an auction Thursday in Australia.
Five exporters bid for the bale, and "there was quite a lot of excitement and anticipation" during the auction, said Craig Lawson of AWB Ltd's Landmark unit, the company that conducted the sale.
Lawson described the wool as the finest ever sold at an auction in Australia. The fineness of the wool refers to the thickness of the fiber and is one measure of its quality: the finer the wool, the lighter the resulting fabric.
It was bought by Raymond Ltd., the biggest maker of woolen fabrics in India. Raymond paid $247,480 Australian dollars (US$237,417) for the bale, which weighed 92 kilograms.
The price equates to 2,690 Australian dollars a kilogram, more than 300 times the benchmark price of standard Australian wool, Lawson said.
The bale of wool has a fiber width of 11.6 microns compared with an average width of 21 microns for the benchmark. It will be enough to make as many as 50 suits.
The wool was produced on a farm in New South Wales in Australia. Reprinted from Bloomberg News