CCOEC takes 34.64 tonnes of indium in second Fanya auction [UPDATED]

China National Corporation for Overseas Economic Cooperation (CCOEC) won 34.64 tonnes of indium in Fanya Metal Exchange’s second auction - ended at 10am Beijing time on Thursday April 25 - Fastmarkets understands from the official auction result posted on the Alibaba judicial online platform.

As the only bidder at the auction, CCOEC took the indium at a price of 37.4112 million yuan ($5.57 million), according to the auction result announcement. The final price of the material is 1,080 yuan ($160) per kg, including the 13% value add-added tax (VAT), according to the spokesperson of the online auction platform Alibaba. This point has led to confusion however, since the initial announcement stated that the price excluded VAT. The Alibaba spokesperson could not confirm if the price included VAT when asked for clarification by Fastmarkets.  Fastmarkets’ latest assessment of the price for Chinese domestic 99.99% indium was at 1,140-1,200 yuan per kg on Wednesday April 24, its lowest level since July 2017. Fastmarkets assessment of the free market indium ingot price in Europe is trading at $185-210 per kg, as assessed on Wednesday April 24. Fanya had invited market participants to...

Published

Cristina Belda

Amy Lv

April 25, 2019

10:00 GMT

Shanghai