The Kunming Intermediate People's Court in China will hold a 24-hour auction starting Aug. 21 for the entire antimony inventory of about 18,660 tonnes held by the defunct Fanya Metal Exchange, Reuters reported Aug. 15.
Proceeds from the auction will be used to pay the exchange's creditors. The antimony will be auctioned using Alibaba Group Holding Ltd.'s Taobao platform.
The auctions are being closely watched by Fanya's creditors, which are owed nearly 40 billion Chinese yuan, and by minor metals traders given the huge volumes potentially coming onto the market.
As of Aug. 15, US$1 was equivalent to 7.03 Chinese yuan.
