Fanya to auction more than 30 tonnes of indium stocks - sources

The Fanya Exchange will auction 34.64 tonnes of indium stocks it holds in its warehouse at the end of the month, market sources told Fastmarkets on Tuesday January 22.

Of the auctioned volume, 7.6 tonnes are stored in a Kunming warehouse of Changyue Feiping, a Chinese storage and logistics company, while the remaining 27.04 tonnes are in a local warehouse of Yunnan Postal Savings Bank. The stocks will be auctioned via Alibaba judicial online platform at 10am Beijing time on January 28 and 10am Beijing time on January 29. The starting price will be 1,200 yuan ($177) per kg, not including VAT and storage fees. The announcement has soured sentiment in China with trading of indium prices on the Wuxi Stainless Steel Exchange falling sharply, market participants in China noted. “There were almost no deals concluded in the spot market today, as no one is in the mood to buy any [indium] right now,” a Chinese trader told Fastmarkets, adding that they would take...

Published

Ewa Manthey

Cristina Belda

Amy Lv

January 22, 2019

10:59 GMT

London, Shanghai