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Steel Trade Circles Chaotic Phase of Risk Financing

Publish Date 2018-09-28
Economic Observer obtain an information display, as of June 9 this year, the Shanghai trial courts against steel trade disputes on financial borrowings of nearly 600 cases, of which Beijing Bank, Everbright Bank, Industrial and Commercial Bank each dozens.
In the steel industry profit per ton, from a peak of 1,000 yuan per ton, 0.43 yuan in the first half of this year's decline, the number of steel trading business choose to leave the industry, coupled with the tightening of bank credit, once in 2009 for Shanghai's GDP contribution of nearly 3% of the steel trade and industry, new problems are emerging.
With the steel trading business bankruptcy, fraud, and other cases escape escalating. Following Baotou Steel shares, the Shandong Iron and Steel once again mired "confirmed warehouse" financing, involving 7.05 billion yuan. This huge loss of 3.836 billion yuan last year, the Shandong Iron and Steel, is a hassle.
700 million lawsuit
July 26, Shandong Iron and Steel released an announcement that received the Industrial Bank Co., Ltd. (hereinafter referred to as the Industrial Bank) Jinan Branch of litigation letter 17 onwards, north of Shanghai Branch of Industrial Bank letter a lawsuit, the cases are in the first instance stage of the proceedings, involving a total of 705 million yuan.
According to the Shandong Iron and Steel disclosed cause of action was due to "security against warehouse" financing triggered. 2011-2012 year, Shandong Iron and Steel has worked with a number of Shanghai and Fujian regions steel trading business, as well as Industrial Bank signed the "Tripartite Agreement confirmed warehouse operations."
Since the second half of 2012, the agreement of the steel trading business from the Industrial Bank totaled 705 million steel trade loans obtained, along with another overdue loans, the Industrial Bank in the prosecution of steel trading business at the same time, according to a tripartite agreement confirming positions, additional Shandong Iron and Steel for the defense, asked to assume joint and several liability.
China joint steel Shengzhi Cheng Logistics Committee deputy secretary general introduction to the Economic Observer reported, confirmed positions is more common in the field of steel trade financing. "From the steel mills, steel trading business and banks tripartite cooperation, steel trading business pay the security deposit to the bank, the bank opened acceptances, bank acceptances received mills after the delivery of goods to the warehouse, warehouse receipts pledge to become If the steel trading business can not be due for repayment bank exposures, then mills responsible for repo collateral goods. "



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