Last week saw another two per cent fall or 17 cents with the eastern market indicator (EMI) finishing the week at 852 cents, its lowest point since December 2006.

Growers are hoping the lowest offering for almost a year, 32,000 bales, will help stem the flow of losses.

The good news is that among the double digit falls, better quality finer wools have largely held their own.

NSW Inland Wool Brokers president, Gordon Litchfield, said high staple strength finer wools have been dearer in places in a market that had lost a lot of ground this year.

"I hope we are not too far off a base in this market, the next 10 days might see a bit of a settling period and the low offering this week might help settle things down. "Unfortunately there is a lot of caution in the market and with the mulesing debate and slowing economies around the world, there is a lethal mix right now.

"Good 21 micron wools are now in the low 800s which is very average in the context of the market in recent years and the cardings market has really fallen away."

Mr Litchfield said he had clients preparing to shear this spring and was telling them not to hold wool.

"Some have taken some forward cover but we are not advising anyone to hold all their wool, banks now have interest rates well above eight per cent and this has to be a factor now for people’s overdrafts."

Mr Litchfield this week released a statement from his association, urging the wool industry to get proactive in the mulesing debate by advocating pain relief as "standard industry practice".

When asked what he thought of the Elders online auction of unmulesed wool this week, Mr Litchfield said the rival broker should be congratulated for getting on the front foot but thought it may be "a little too early" to be trying to differentiate those wools in the market, given the confusion surrounding the rapidly evolving issue.