British wool prices soar over 70% as global demand spikes

Over the last twelve months, the price of British wool has climbed more than 70%, reaching a ten-year peak after a reduced flock size and the exhaustion of global stockpiles built up during the Covid-19 pandemic. The average clean shorn wool now sells for £2.54 per kilogram, compared with less than £1.50 a year earlier, offering sheep owners like Wyn Williams a chance to recoup shearing expenses. Williams, who runs a 700-animal herd in Powys, highlights that professional shearers and support staff add to the cost structure, making the price boost welcome.

At a Newtown depot, Barry Bellis sorts fleeces by hand, identifying dozens of grades destined for everything from high-end suits to slug pellets and carpet blends. Gareth Jones of British Wool says the surge reflects both a drop in UK and New Zealand sheep numbers and the clearing of pandemic-era carry-over, while overseas demand—particularly from China, South Korea and Japan—remains strong. The higher earnings from wool provide a needed offset as farmers grapple with rising fuel and fertiliser prices.