Chinese man left in a pickle after $5,000 salt spree

BEIJING - 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 US$4,000 (S$5,041) worth of the condiment.

Salt prices jumped on the rumours that iodine in salt could help ward off radiation sickness, and, acting on a tip that there would be a supply shortage lasting at least six months, Mr 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.

Mr Guo is now stuck with the salt, which takes up more than half his apartment and had cost him 27,000 yuan (S$5 189) to buy and transport.

He 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.

ORIGINAL SOURCE