The trader writes:
Regarding Metal Bulletin’s story “Fact Box: Minor Metals on Fanya”
(July 17): I think an important distinction needs to be made about the estimated value of the indium inventory.
Your story notes that Fanya says it has 3,629,460kg of indium in stock. Then the story notes that, at Metal Bulletin prices, this inventory is worth about $1.2 billion.
However, Fanya (both its investors and its suppliers) have monetised this inventory via loans taken out with the indium used as collateral. Since...