Around 125,000 tonnes of HBI was available from stocks in Venezuela in early October, according to an official source.
“Venezuela is producing HBI but we will see if it’s possible to ship it now with the active sanctions,” one trader said.
“Most sanctions [against Venezuela] are oil- and gold-related and [affect] individuals,” another trader said. “Despite this, most banks don’t want to be involved [in deals involving Venezuela-origin HBI] in case [US President Donald] Trump sanctions everything and screws up their dollar business.”
He added: “It is easier for banks to stay away than to do a few transactions, and there is a similar situation for ship owners. That is why it is difficult to find vessel owners [who will agree to carry HBI...