SHANGHAI, Jan 19 (SMM) – Kunming Rongke New Materials on Saturday won the auction of 3,609 mt of indium metal stocks formerly held by the now-defunct Fanya Metal Exchange with a bid of 2.85 billion yuan, according to the official auction results posted on the Alibaba judicial online platform.

The winning bid, which was also the starting price for the auction, worked out to a price of 790 yuan/kg, the auction results showed.

SMM assessed the price of indium (≥99.995% In) at 925 yuan/kg on Friday January 17, up 50 yuan/kg from a week ago.

Saturday’s sale came after a previous auction at the end of last year failed to attract any bids.

The newly-established Rongke did not participate in the first indium auction, after it paid almost 1.4 billion yuan to win four previous Fanya auctions in October and November, picking up batches of germanium, gallium, selenium and bismuth.