A court in Southwest China is putting up for sale the entire inventory of the mi...
BEIJING - A court in Southwest China is putting up for sale the entire inventory of the minor metal antimony that was held by the now-defunct Fanya Metal Exchange, as it tries to raise funds to pay back the bourse’s creditors.
That is the same amount of antimony the Fanya exchange, launched in China’s Yunnan province in 2011 with the express purpose of boosting prices of minor metals, held when it collapsed in 2015, leaving irate investors venting their anger at China’s financial regulators.The starting price for the auction has been set at 546.1 million yuan , although the notice, dated Aug. 14, put the market value of the stock 25% higher at 682.6 million yuan.
The auctions are being closely watched by Fanya creditors, owed nearly 40 billion yuan, as well as by minor metals traders, given the huge volumes potentially coming on to the market. “Potential sales of some key industrial metals are being blamed for further price weakness in tungsten, antimony and indium,” brokerage SP Angel said in a note on Wednesday.
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