China Minmetals buys antimony, rare earth stocks of Fanya exchange for 780 million yuan

SHANGHAI, Sep 2 (SMM) – The rare earths unit of state-owned China Minmetals on Sunday September 1 paid about 780 million yuan for antimony, dysprosium and terbium oxides inventories formerly held by the now-defunct Fanya Metal Exchange in online auctions.

China Minmetals Rare Earth, as the sole bidder, bought three lots of the minor metal, rare-earth oxides for starting prices set by the Kunming Intermediate People’s Court, according to the e-commerce site that hosted the 24-hour auctions.

The prices are far below current market value.

The auction of about 18,661 mt of antimony was purchased at 29,300 yuan/mt, while the company secured the lots of 148.75 mt of dysprosium oxide at 1.49 million yuan/mt and 4.05 mt of terbium oxide at 3.16 million yuan/mt.

SMM assessments showed that the spot price of 1# antimony stood at 36,500 yuan/mt as of Monday September 2, with that for dysprosium oxide at 1.91 million yuan/mt and that for terbium oxide 3.925 million yuan/mt.