The COVID-19 Crisis along with lockdown, strict travel restrictions has made trading a roller coaster ride for traders globally. With many countries reported a reduction in their import and export ratio; Steel imports and exports have been still counted on the top. So, if you are looking to start your own steel import and export business; then it’s the right time to start to get some worthy prospects.
If you are looking to start your own import and export business, then there are a lot more things you need to take care of. Deciding which market you want to deal in is the first question; when starting up a steel import business. The top countries involved in the steel exports are: UK, Indonesia, Sweden, Italy, the US, Austria, Spain, Finland, and Taiwan, etc. Do your research in these countries to find a reliable vendor of steel who can supply the required quantity of steel at the best prices.
Once you have chosen the seller to import steel, the next comes is arranging finances. The seller may either ask for 30% of the total deal value as advance payment; or the full payment before the shipment of goods. In case, if you’re not ready to provide the cash in advance, then you can discuss it with your seller and look for other options.
When it comes to other payment methods available for global trade, Letter of Credit, Standby LC, and Bank Guarantees are the best option to look for. In all these Bank Instruments, Banks acts as a guarantor to assure the seller that the payment will be made; upon the completion of the delivery of the goods required.
While the crisis has affected global trade, now things are getting back on track by showing some positive signs in trade worldwide. But still getting financial support from banks seems to be hard. Banks are ready to provide financial support; only if, if the clients are ready to pay the 100% cash margin!
Are you facing a lack of cash funds to meet the demands of the bank? Are you worried that without bank support you can’t able to conclude your steel import contract? We’re here to help you!
Being the trade finance provider in Dubai, we can support all your trade deals and contracts by issuing Bank Instruments from Rated Banks at ZERO Cash Margin!
For all your trade finance needs, contact us today!