BEIJING, Nov 23 (Reuters) - A Chinese court sold the inventory of bismuth and tungsten bar held by the defunct Fanya Metal Exchange for a total of 672.02 million yuan ($95.47 million), notices on the e-commerce platform hosting the sales showed on Saturday. Two simultaneous 24-hour auctions that ended at 10:00 a.m. (0200 GMT) saw 19,228.05 tonnes of bismuth bought by Kunming Rongke New Materials Co for 606.07 million yuan and 431.95 tonnes of tungsten bar sold to China Minmetals Tungsten Co for 65.96 million yuan, data from the e-commerce platform Taobao showed. The series of auctions on Taobao by the Kunming Intermediate People's Court, which have so far raised more than 5 billion yuan, are being watched by minor metals traders and former creditors of Fanya who say they are still owed some 43 billion yuan after the exchange collapsed in 2015 amid liquidity problems. It was later taken over by government investigators. Neither sale achieved the market value stipulated by the court on the auction pages, which valued the bismuth, a silver-white metal used in soldering and stomach remedies, at 757.59 million yuan and the tungsten at 82.07 million yuan. The price Kunming Rongke paid for the bismuth works out to 31,520 yuan a tonne - a discount of 23.6% to the current China spot price SMM-REM-RBM of 41,250 yuan a tonne. Spot prices have fallen around 40% over the past two years, weighed down by the Fanya inventory overhang, which is equivalent to more than a year's global supply. Prices for tungsten bar SMM-MIN-TGB, used in thermal conductors, are currently around 240 yuan per kilogram. The 13 Fanya auctions so far, covering everything from antimony to tellurium, have raised around 5.59 billion yuan, according to Reuters calculations. The table below shows the auction results. Commodity Tonnes Sold for Winner (yuan) Indium 34.64 37.4 mln China National Corp for Overseas Economic Cooperation Antimony 18,661 546.1 mln China Minmetals Rare Earth Co Terbium 4.05 12.8 mln China Minmetals Rare oxide Earth Co Dysprosium 148.75 221.5 mln China Minmetals Rare oxide Earth Co APT 28,336 3.27 bln China Molybdenum Co Cobalt 21 5.91 mln Shanghai Sanqian New Energy Materials Silver 3.219 13.85 mln Shanghai Yiyi Metal Materials Co Germanium 92.31 554.8 mln Kunming Rongke New Materials Gallium 191.246 172.94 mln Kunming Rongke New Materials Tellurium 170 51.95 mln Vital Materials Selenium 337.8 30.94 mln Kunming Rongke New Materials Bismuth 19,228.05 606.07 mln Kunming Rongke New Materials Tungsten 431.95 65.96 mln China Minmetals bar Tungsten Co ($1 = 7.0389 Chinese yuan renminbi) (Reporting by Muyu Xu and Tom Daly; Editing by Muralikumar Anantharaman)
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