A chinese mill has bought what's believed to be the world's finest bale of wool for $675,000.

    Shedded sheep on the Queensland property of Rick and Bim Goodrich grew the bale of 11.9-micron woolweighing 90 kilograms.

    The price of seventy-five hundred dollars a kilo was disappointing for the vendors and brokers.as brigid glanville reports from sydney.

    "It was a very different wool sale in sydney this morning,as international media and buyers from all over the world gathered to see the world's finest bale of wool ever produced go under the hammer.

    "The expectation from industry was that the bale would reach over one million dollars,but the chinese textlle manufacturer,kathay Tx paid well under that amount,at $675000 for the bale.

    "The bidding from European buyers was quiet,which producer Rick Goodrich blamed on the slow market in europe and the bombings in Madrid overnight creating more uncertainty in the global economy and wool industry."

    And there have been further gains in wool prices across the board this week.

    Despite a slight dip in prices at Meboume sales on wednesday ,the eastern market indicator finished the week five cents up,at 790 cents a kilo clean.

    The biggest increases were for wools 21-micron and finer.

    More than 70,000 bales will be auotion at sales in sydney,melboume and fremantle next week.