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China Molybdenum wins Fanya ammonium paratungstate auction for 3.27B yuan

China Molybdenum Co. Ltd. won an auction of ammonium paratungstate inventory, held by the Kumning Intermediate People's court for the bankrupt Fanya Metal Exchange, for 3.27 billion Chinese yuan, Reuters reported on Sept. 17.

China Molybdenum won the bid for about 28,336 tonnes of ammonium paratungstate, a white powder used for producing tungsten metal, according to Taobao, the e-commerce platform that hosted the auction.

This is the largest amount of money raised in six Fanya auctions so far, and exceeded the stipulated market value of 3.06 billion yuan.

As of Sept. 17, US$1 was equivalent to 7.092 Chinese yuan.