SHANGHAI, Jul. 30 (SMM) - China’s indium imports jumped to a record high of 26.4 tons in June, with a majority expected to go to Fanya Metal Exchange on investment demand.
Inbound shipments of indium ingots were 26.4 tons last month, comparing to 2 tons in May and less than 1 ton in the previous months this year, according to customs data.
``Most of the imports are bound to go to the Fanya exchange as downstream demand has been negligible,’’ Yang Jing, head of SMM’s minor metals desk said.
The Fanya Metal Exchange, in the Kunming city of southwestern Yunnan province, has been in the spotlight for indium investment boom this year.
Total indium stocks that Fanya holds were 1,283.4 tons as of Friday, July 26, according to the exchange data.
Half of June’s imports, or 13 tons, came from South Korea while 7.4 tons came from China mainland and 2.7 tons from Hong Kong, the customs data showed.
The 7.4 tons from China could mean that the material was China-produced yet importers’ identities were unclear, Wang Wei, SMM’s minor metal analyst said.
SMM’s indium prices are quoted at 4,270-4,350 yuan ($691-704) per kilogram today. SMM's prices include a 17% value-added tax and import charges.
Indium prices on the Fanya exchange closed at $600 per kilogram today, down 0.5% from a day ago.