China Moly wins auction for entire Fanya APT stock with $463mln bid [UPDATED]

China Molybdenum Co won 28,336 tonnes of ammonium paratungstate (APT), formerly held by the now-defunct Fanya Metal Exchange, for 3.27 billion yuan ($463 million), in an auction held on Tuesday September 17.

The winning offer price came after 135 rounds of bidding, according to official auction results posted on the Alibaba judicial online platform. China Molybdenum’s final bid was 820 million yuan higher than the opening amount.  This is equivalent to around 115,340 yuan per tonne, according to Fastmarkets’ calculations, and is close to the current spot market price in China.  The Chinese domestic price for APT stood at around 115,000-117,000 yuan per tonne before the auction, according to market sources.  The 28,366 tonnes of APT held in Fanya's warehouses represent an estimated three months...

Published

Charlotte Radford

Ewa Manthey

Huaqing Fu

September 17, 2019

12:41 GMT

Shanghai, London