China Minmetals wins auction for entire Fanya antimony stock for $76mln

China Minmetals Rare Earth Co Ltd has won 18,661 tonnes of antimony ingots held by the defunct Fanya Metal Exchange in an auction that ended at 10am Beijing time on Sunday September 1.

As the only bidder at the auction, it came as no surprise that China Minmetals won the auction of the entire antimony stock at a price of around 546 million yuan ($76.28 million), according to the official auction result posted on the Alibaba judicial online platform. This works out at a price of 29,264 yuan per tonne, much lower than the current antimony spot price in China. Fastmarkets’ price assessment of antimony MMTA standard grade II, ddp China was 36,000-37,000 yuan per tonne on Wednesday August 28, down by 1.4% from 36,500-37,500 yuan per tonne a week before. The Chinese domestic...

Published

Amy Lv

September 02, 2019

12:14 GMT

Shanghai