All products are prime stainless steel coils, slit edge, manufacturing as per AISI, ASTM 240/480 or equivalents from Allegheny, Arcelor (Ugine, Arcerinox, ALZ), Armco, Avesta Polarit (Avesta, Outokumpu),J&L, Kawasaki, NAS, Nippon Steel, Nippon Yakin, Nisshin, NKK, POSCO, Sumitomo, Tang Eng, Thyseen Krupp and Yieh United. The sellers must provide "Mill Certificate" and pre-shipment"Inspection Certificate" on net actual weight by international independent surveyors.
2. Transaction unit:
Container (20'). There will be 2 to 4 coils (each coil weighs 4 to 11 tons) and total net weight 20 tons (+/- 10% by sellers' option) in each container.
Only U.S. Dollar is used in all transactions.
The cargos will be arrived to CIF destination ports (It's buyers' option to select one port from the regional main ports listed in Yieh.com and the buyers must inform Yieh.com the chosen port within the first two days of the prompt month.), before the prompt date, duty unpaid "or" the cargos can be delivered from other ports at least 20 days before the prompt date by sellers' option. (The sellers must inform Yieh.com their option and the departure ports within the first two days of the prompt month.) Sellers must cover all the risks before the cargos arrive destination port. Upon mutually agreement by the buyers and sellers, it is possible to change delivery term or to change destination port other than the listed. Yieh.com can also provide port-transferring service upon request,where a reasonable premium may be charged if necessary. Buyers have options to change thedelivery term to be FOB departure port or request the sellers deliver the cargos to any warehouse near by the port (within 50km). The Packing Lists must be received by the buyers from the sellers 10 days before the prompt date (a copy of Packing List to yieh.com from the seller at the same time). The full set of original Billing of Ladings (B/Ls) or the full cargos must be received by the buyers from the sellers before the promptdate.
The buyers must issue 100% irrevocable and workable L/C at sight at least 25 days before the promptdate or T/T the full amount of payment to the sellers 5 days before the prompt date. To secure transactions, the buyers have option to T/T the full amount of payment to Yieh.com 5 days before prompt date. Then Yieh.com retransfer the full amount to the sellers within 3 days after the buyers received the B/Ls or the cargos.
1. Deposit margin to be a member:
The margin, USD 6000 for each container, need to be deposited into Yieh.com's bank account from both the sellers and buyers before transactions. In case of the market prices change more than US$200/ton after transactions, the make-up of margin will be informed by Yieh.com and must bereceived from the members within 5 days.
2. Offering period:
It is within the duration of one to four months ahead of the prompt date. The prompt month is for thepreparation and delivery of cargos, not for transactions offering.
3. Settling priority:
The highest bid price and the lowest asked price would be settled first. The earliest offered time wouldbe prior to the latter ones if the same price being offered. Any offers will be possible to be partially settled by the unit of container.
4. "Confirmation of Settlements" and "Contracts":
Members will receive the "Confirmation of Settlements" whenever the offers were settled, and will receive the "Contracts" when monthly settlements are clearing on the first day of the prompt month if their settlements were not offset during transaction offering period.
Yieh.com will clear and inform all the members of their monthly contracted shipments, the payment instruction, and the contracted parties on the first day of the prompt month for the completion of transactions. When clearing, yieh.com reserves the rights to match the members who had settled the same contract terms of product, quantity, prompt date and destination to be the final contracted parties. The buyers' original settled prices will be the final contracted prices and they might not be the same as the sellers' original settled prices. The sellers will receive or pay the price differences from/to Yieh.comby T/T before prompt date.
6. Commission to Yieh.com:
Sellers must T/T the commission, 1% of the total settled selling amount, to Yieh.com when the seller receives the payment or before the prompt date if the settlements were offset. For the further development of "Coil Exchange Center", yieh.com reserves the rights to modify the above-mentioned terms and procedures. The modifications will be effective right after the announced date. All settled transactions are exempted from new modifications.
|T/T deposit must be equal to or greater than the requested amount in order to transact in "Coil Exchange Center", and it must be confirmed in the bank account of Yieh.com before each transaction. We will inform you right after the confirmation of the receipt of your T/T deposit. Our banking information is as below.
Address: No 6, E-Da Road, Yanchao Dist., Kaohsiung City, Taiwan,82445 R.O.C.
Tel: +886-7-615-1000 Fax: +886-7-615-3000
Bank: The Hong Kong and Shanghai Banking Corp. Ltd.
Address: Hong Kong Main Office 1 Queen's Road Central, Hong Kong
Account number: 500-658810 0001