CANBERRA, March 12 (Xinhuanet) -- A China-based company won the bid for a bale of superfine wool in Australia at one of the world's highest bale prices on Friday.

    The Shanghai-based Kathayt ex beat other bidders from Italian, French and Asian companies to get the 90 kg bale of wool for 675,000 Australian dollars (about 500,000 US dollars), or 750,000 Australian cents per kilo.

    The wool, from eastern state of Queensland, was the first ever to break the 12 micron barrier on the Australian market.

    The Australian Associated Press quoted Frank Yao, Kathaytex's representative at the Sydney auction, as saying that "China has never bought any superfine wool in its history before. This is very exciting."

    He said before the auction, he had expected the price to be higher at anywhere between 1.5 million (1 million US dollars) and 1.8 million dollars (1.3 million US dollars).

    He said the wool would be made into suits, which could be sold for up to 100,000 dollars (73,000 US dollars) each. Enditem