Fanya announced earlier this month its intention to auction a total of 34.64 tonnes of indium stocks it holds in its warehouses. The opening bid was 1,200 yuan ($177) per kg, not including VAT and storage fees.
But both Chinese and overseas market participants showed an unwillingness to bid for the material in the auction that ended today at 10am Shanghai time. The result was expected by market participants Fastmarkets spoke to after the auction concluded.
“I am not surprised at all; I have spoken to several people and none of them could bid at the initial price with the current market conditions,” a European trader said.
Fastmarkets’ latest assessment of Chinese domestic 99.99% indium was at 1,300-1,460 yuan per kg on Wednesday January 23, down 5.8% from the prior week and at the lowest level...