Panic salt buyer finds he can't sell or transport his bulk purchase

A Chinese man who bought 6.5 tonnes of salt, hoping to profit from panic buying spurred by fears of radiation from Japan, is now stuck with it. The man, surnamed Guo, bought the salt in Wuhan, the capital of Hubei province, when rumours spread across China last week that the iodine in salt could help ward off radiation sickness.

Salt prices jumped on the rumours, and, acting on a tip that there would be a supply shortage lasting at least six months, Guo bought 260 bags of salt, which he took back to his apartment in three trucks.



A few days later, the Chinese government urged consumers to stop the panic buying, saying residents will not be exposed to radiation from Japan's quake-damaged nuclear plant, causing a sharp drop in the price of salt.

Guo is now stuck with the salt, which takes up more than half his apartment and had cost him 27,000 yuan (£2,550) to buy and transport. Guo can't resell the goods, because he has no receipt and also because he was told it was illegal to do so. He also can't take it to another province, as the government strictly controls salt transport.