From Reuters
China court auctions off 28,336 T of ammonium paratungstate*
Sale of inventory from defunct Fanya exchange attracted 135 bids*
China Moly is paying 4.4% premium to current APT spot price
China Molybdenum Co on Tuesday held off fierce competition from a rival bidder to win an auction of ammonium paratungstate (APT) inventory, formerly held by the Fanya Metal Exchange, for 3.27 billion yuan ($461.49 million).The series of auctions by the Kunming Intermediate People’s court, hosted on e-commerce platform Taobao, are being closely watched by former investors in Fanya who are owed money after the exchange collapsed in 2015, as well as minor metal traders given the large volumes coming on to the market.
From ReutersChina court auctions off 28,336 T of ammonium...
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