Week S16: 15/10/2025: The AWEX EMI closed at 1456c, down 61c (-4%) at auction sales in Australia this week. Tuesday’s EMI was 43c cheaper, with falls between 22c and 66c recorded in the MPGs, the finer end being least affected. On Wednesday, MPG movements were more erratic, resulting in a further 18c fall in the EMI. At this time last week, the initial weekly offering was around 41,000 bales, including 2,569 bales ex-New Zealand. After passed-in and withdrawn lots, just 28,589 bales were eventually sold — representing a clearance of only 70% of the initial offering. The collective retracement in the EMI over the past two weeks totals 109c (-7%), which is slightly less than half of the previous fortnight’s rise of 221c, the fifth-largest weekly rise since AWEX records began. The AUD/USD exchange rate fell 0.85c to close at 65.15c, while the EMI in USD terms fell 53c.

The significant declines in Merino fleece and skirtings caught most sellers off guard, and the volatility reflects the delicate emotional balance being tested from the farm gate to the garment maker.