Week S46: 14/05/2025: The AWEX EMI closed on 1189c, down 2c at auction sales in Australia this week. A combination of a more stable exchange rate within the selling week, coupled with a smaller offering of 30,931 bales contributed to the levelling of the EMI this week. 91.1% of the offering was cleared with competition dominated by two of China's largest Merino Top makers, who purchased over 38% of merino fleece offering. The large Australian based Trading Exporters are reporting difficulty in doing any substantial business and remained cautious through the week.  Whilst the three selling centres performed quite differently the Merino MPG price disparity between Northern and Southern centres closed substantially.