Representatives of the Nanjing Wool Market (NWM) visited the British Wool Marketing Board (BWMB) in Bradford, on a fact-finding mission, to see how British Wool is auctioned at sale.
BWMB is a Central marketing organization for UK fleece wool.
The BWMB based in Bradford, handles the grading, sale via auction and promotion of all British Wool on behalf of approximately 60,000 wool producers in the United Kingdom.
Nearly 70 percent of British Wool is sold for use in the manufacture of carpet and most of this will go to Europe, particularly Belgium with the rest going into product for niche markets across the world.
In the region of 4 percent to 6 percent of the 37 million kgs of British Wool produced annually is currently sold into China.
The Nanjing Wool Market is the information centre for China's wool textile industry and services 1500 wool member companies.
The growth of the Chinese textile industry against a backdrop of a decline in European textile manufacturing has seen a growth in the NWM's operations. An annual auction has been increased to six auctions this year and this will increase as the demand for wool in China grows.
Representatives, Mr Bao Xusheng, who has responsibility for the global positioning, and sales for the Nanjjng Wool Market, and his colleague Janice Yu were keen to see how the BWMB's computerised auction system functioned.
The BWMB introduced the high tech auction system in 2003/2004. The previous open cry auction was a traditional part of the Wool industry but increased technology has brought a fairer and more transparent system that enabled merchants to see all bids as the sale progressed.
