Waxy whale secretion used in perfumery (9)

I believe the answer is:

ambergris

(Other definitions for ambergris that I've seen before include "Ash-grey, scented substance obtained from whales" , "Perfume ingredient from whales" , "substance floating in sea" , "Wax-like secretion from sperm whale" , "Sperm whale secretion used in perfumes" .)

I've seen this clue in the Sydney Morning Herald.

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