Wool prices reached levels last seen in the late 1980s at last Thursday's combined North Island and South Island sale.
There was virtually a full clearance of the 19,250 bales on offer with prices for some lines lifting 10% compared with the January 13 sale.
Wool Partners International auctioneer Dave Burridge said crossbred fleece, 31 to 39 micron, rose 5% to 7%, second-shear fleece by 8% to 10%, new-season's lambs wool by 10% and crossbred oddments by up to 7%.
A limited offering of mid-micron wool was 4% to 7% higher.
Mr Burridge said buyers commented the quality of wool was high for the time of year, with better tensile strength than normal.
New Zealand Wool Services International reports lower-than-expected volumes of wool coming on the market, meaning exporters are having to compete to fill orders.