<article><p class="lead">China's Yunnan provincial government on 22 November will auction all the stocks of bismuth metal that were held on the bankrupt Fanya metal exchange.</p><p>A total of 19,228.5t of bismuth metal, which is about two years' worth of global supply, will be auctioned at a starting price of 606mn yuan, excluding 13pc valued-added tax (VAT). This equates to about Yn31,516/t, excluding VAT, compared with the <i>Argus</i> domestic price of Yn41,750/t, including VAT, or Yn36,947/t, excluding VAT, a discount of just less than 15pc.</p><p>The auction will start at 10:00 local time (02:00 GMT) on 22 November and end at 10:00 on 23 November.</p><p>The bismuth stocks are stored in Hunan Bismuth's Chenzhou warehouse and Shanghai Feiping Logistics' Guixi Warehouse. Bismuth is the last metal stocked on the Fanya exchange to be auctioned.</p><p>Previous auctions for dysprosium oxide, terbium oxide, antimony, tungsten, cobalt, gallium, germanium, selenium and tellurium all were successful.</p><p>The first auction for 35t of indium out of total stocks of 3,607t, about four years' worth of global production, in January failed to find a buyer. The same amount was offered again at an auction in April and was bought by a state-controlled entity not previously involved in the indium market. No information is available on future auctions of indium.</p><p><table class='tbl-excel'><tr><td class='tbl-header' colspan='3'>Auction schedule</td><td class='tbl-header'></td><td class='tbl-header tbl-right tbl-italic'></td></tr><tr><td class='tbl-columnheader tbl-bold tbl-left'>Metal</td><td class='tbl-columnheader tbl-bold tbl-left'>Date</td><td class='tbl-columnheader tbl-bold tbl-right'>Volume (t)</td><td class='tbl-columnheader tbl-bold tbl-right'>Price (ex VAT)</td><td class='tbl-columnheader tbl-bold tbl-left'>Buyer(s)</td></tr><tr><td class='tbl-rowspace' colspan='5'></td></tr><tr><td class='tbl-left'>Indium</td><td class='tbl-left'>January, April</td><td class='tbl-right'>34.6</td><td class='tbl-right'>Yn1,080/kg</td><td class='tbl-left'>China National Corporation for Overseas Economic Cooperation (CCOEC)</td></tr><tr><td class='tbl-left'>Dysprosium oxide</td><td class='tbl-left'>September</td><td class='tbl-right'>148.8</td><td class='tbl-right'>Yn1,488.80/kg</td><td class='tbl-left'>China Minmetals</td></tr><tr><td class='tbl-left'>Terbium oxide </td><td class='tbl-left'>September</td><td class='tbl-right'>4.0</td><td class='tbl-right'>Yn3,159.60/kg</td><td class='tbl-left'>China Minmetals</td></tr><tr><td class='tbl-left'>Antimony</td><td class='tbl-left'>September</td><td class='tbl-right'>18,661.0</td><td class='tbl-right'> Yn29,259/t</td><td class='tbl-left'>China Minmetals</td></tr><tr><td class='tbl-left'>Tungsten</td><td class='tbl-left'>September</td><td class='tbl-right'>28,336.0</td><td class='tbl-right'>Yn115,340/t</td><td class='tbl-left'>China Molybdenum</td></tr><tr><td class='tbl-left'>Cobalt</td><td class='tbl-left'>October</td><td class='tbl-right'>21.0</td><td class='tbl-right'>Yn281/kg</td><td class='tbl-left'>Sanqian New Energy Materials</td></tr><tr><td class='tbl-left'>Gallium</td><td class='tbl-left'>October</td><td class='tbl-right'>191.2</td><td class='tbl-right'>Yn904/kg</td><td class='tbl-left'>Kunming Rongke New Material </td></tr><tr><td class='tbl-left'>Germanium</td><td class='tbl-left'>October</td><td class='tbl-right'>92.3</td><td class='tbl-right'>Yn6,010/kg</td><td class='tbl-left'>Kunming Rongke New Material</td></tr><tr><td class='tbl-left'>Selenium</td><td class='tbl-left'>October</td><td class='tbl-right'>337.8</td><td class='tbl-right'>Yn91.60/kg</td><td class='tbl-left'>Kunming Rongke New Material</td></tr><tr><td class='tbl-left'>Tellurium</td><td class='tbl-left'>October</td><td class='tbl-right'>170.0</td><td class='tbl-right'>Yn305.60/kg</td><td class='tbl-left'>Vital Materials</td></tr><tr><td class='tbl-left'>Bismuth</td><td class='tbl-left'>22 Nov 2019</td><td class='tbl-right'>19,228.5</td><td class='tbl-left'>TBA</td><td class='tbl-left'>TBA</td></tr><tr><td class='tbl-footer tbl-right tbl-italic' colspan='5'>— Argus</td></tr></table></p></article>