October 28, 2019 / 4:29 AM / in 4 months

Minor metal stocks sold for $115 mln in latest Fanya auctions

    BEIJING, Oct 28 (Reuters) - Four batches of minor metal
inventories, formerly held by China's now-defunct Fanya Metal
Exchange, were sold on Monday for 810.6 million yuan ($114.84
million) after a series of late bids, notices on e-commerce
platform Taobao showed.
    Three of the auctions were won by little-known Kunming
Rongke New Materials, which picked 92.31 tonnes of germanium for
554.8 million yuan, 191.246 tonnes of gallium for 172.94 million
yuan and 337.8 tonnes of selenium for 30.94 million yuan,
according to the notices on Taobao, which hosted the sales.
    In the fourth of the simultaneous 24-hour auctions,
Guangzhou-based Vital Materials bought 170 tonnes of tellurium
for 51.95 million yuan. 
    The online auctions by the Kunming Intermediate People's
court are being closely tracked by minor metal traders as well
as former creditors of the Fanya Metal Exchange, who are trying
to recover their money after its collapse in 2015.
    The bourse was later taken over by government investigators
and its founder was jailed for financial crimes in March this
    No bids for any of the metals were made until there was less
than an hour of the allotted time remaining on Monday morning.
In the case of the tellurium and selenium, single bids at the
minimum bid price were enough to win the auctions.
    The total raised fell short of the combined market value of
948.3 million yuan of the four batches of inventories as
stipulated in the auction notices.
    In the case of germanium, used in semiconductors, the price
Kunming Rongke paid works out at about 6,010 yuan per kg, a
discount of 18.8% to current spot price SMM-MIN-GMN levels of
7,400 yuan per kg.
    The 10 Fanya auctions so far have raised around 4.9 billion
yuan, according to Reuters calculations, although creditors say
they are owed 43 billion and have yet to see any of their money
The table below shows the results of Fanya auctions held so far.
 Commodity   Tonnes     Sold for    Winner
 Indium          34.64  37.4 mln    China National Corp for
                                    Overseas Economic
 Antimony       18,661  546.1 mln   China Minmetals Rare Earth
 Terbium          4.05  12.8 mln    China Minmetals Rare Earth
 oxide                              Co
 Dysprosium     148.75  221.5 mln   China Minmetals Rare Earth
 oxide                              Co
 APT            28,336  3.27 bln    China Molybdenum Co
 Cobalt             21  5.9 mln     Shanghai Sanqian New Energy
 Germanium       92.31  554.8 mln   Kunning Rongke New Materials
 Gallium       191.246  172.9 mln   Kunming Rongke New Materials
 Tellurium         170  51.95 mln   Vital Materials 
 Selenium        337.8  30.9 mln    Kunming Rongke New Materials
    ($1 = 7.0587 Chinese yuan)

 (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
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