Elders sells the finest bale of wool in the world for $675,000

    Elders has sold the wool industry's finest bale - the first to break the 12 micron barrier - for a staggering $675,000, equating to 750,000 cents a kilogram greasy.

    Produced by long time Elders clients the Goodrich family under their Primerino brand, from the Traprock region in Queensland, the 11.9 micron bale also demonstrated the changing face of the global wool industry by going to a Chinese buyer.

    The auction was an international event, attracting 12 buyers from China, Korea and Italy with Frank Yao, managing director for Kathaytex Australia the winning bidder.

    Mr Yao was buying on behalf of China's Hengyuanxiang Group. Kathaytex is in the top 10 textiles industrial corporations in China and is listed number one in handmade knitting products with wide recognition of its finished garments.

    This is the first time a bale of this calibre has sold outside the traditional markets of Italy, Japan and Korea.

    The full extent of the Chinese emergence as a new force in the ultrafine market was emphasised with BWK Elders the underbidder operating on behalf of Shanghai Number 1, another Chinese company.

    In emotional scenes Mr Yao threw his arms up in the air with excitement as Elders Queensland's Maurie McNeil knocked down the bale.

    The bale's producers Bim and Rick Goodrich of Primerino were understandably pleased with the global coverage and auction results.

    The auction was well organised and supported by Elders and BWK Elders. It was held in a high profile venue at a restored wool store in Darling Harbour, Sydney with a large excited crowd attending the auction.

    This event has received global media coverage and Elders wool general manager Steven Read, who chaired the auction proceedings, says the company is proud of the role it has played in the bale - from paddock to sale floor - and in such an industry milestone event.