Auction rules

(1) Mode of auction: Price raising auction.
(2) Time delay rule: If a bidder makes an offer within two minutes before the end of the auction, the final end time will be extended by two minutes;
(3) Bid increment: Increase based on the bid increment set for the current subject matter, including the multiple of the bid increment.
(4) Unit of opening bid: Auction according to the unit of opening bid set for the current subject matter.
(5) Quantity increment: Increase according to the quantity increment set for the current subject matter, including the multiple of the bid increment. After the first output, the quantity cannot be changed in the additional auction. (For example, if the quantity of auction is 20 tonnes for the first time, then that for the additional auction is also 20 tonnes.)
(6) Ratio of the deposit: (Starting price * Total amount of the quantity to be auctioned) * Ratio of the deposit set for the current subject matter. When the US dollar account balance is not enough, the equivalent amount of RMB may be used as the deposit at an exchange rate of 1:6
(7) The US dollar account must have enough money as the frozen deposit before the auction. If the fund is not sufficient, please top up.
(8) After the auction, the frozen deposit of the user winning the auction will be unfrozen after settling accounts. As for users losing a bid, the deposit will be returned to their fund accounts directly.
(9) The user winning the bidding must open a letter of credit within 7 working days (including the day of such opening) and submit it to iPlas for review.
(10) Settlement with iPlas outside the stipulated time will be deemed as a breach of contract, and iPlas will forfeit the deposit that time.