Kunming Rongke wins auction for entire Fanya bismuth stock with $86mln bid

Kunming Rongke New Materials has won the entirety of the bismuth stock held by the collapsed Fanya Metal Exchange in an auction that ended on Saturday November 23, according to the official auction results posted on the Alibaba judicial online platform.

Kunming Rongke won the 19,228.05 tonnes of bismuth with a bid of 606.07 million yuan ($86.09 million). The winning bid, which was also the starting price for the auction, works out to a price of 31,520 yuan per tonne, the auction results showed.
Fastmarkets assessed the price of bismuth 99.99% Bi min, in-whs China at 40,500-41,000 yuan per tonne on Friday November 22, down by 1.8% week on week. The latest assessment is also down by 2.4% from 41,500-42,000 yuan per tonne on November 8, the day after the auction for Fanya’s bismuth stock was announced.

On October 28, Kunming Rongke won three auctions for 92.31 tonnes...

Published

Amy Lv

November 25, 2019

17:53 GMT

Shanghai