An international commodities trader, headquartered in London, is set to bolster its international export capabilities this year after securing an eight-figure trade finance loan from HSBC UK.
Ronly Limited, which has traded steel raw materials, steel and agricultural products globally for over 40 years, has developed a strong reputation internationally for its trade finance solutions and end-to-end logistics handling. The company will use the funding to provide continued raw material production, accumulation and supply as well as competitive financing solutions, including credit arrangements and foreign exchange facilities, to the Peruvian steel market, where global demand for pig iron – a raw material used to produce finished products for the construction and mining industry – has increased by 15 per cent in the last 12 months.
The funding has enabled Ronly to provide further financial support to one of its Peruvian clients, Aceros Arequipa, which is set to increase its production capacity of steel by up to 50 per cent this year. After working with Ronly to complete Peru’s first ever export of steel billet to China in October 2020, Aceros Arequipa has invested in a new Electric Arc Furnace to help meet the increased demand, both internationally and domestically.
Jamie van Reijendam, General Manager of Global Trade at Ronly, said, “During these volatile and uncertain times, our core priority always remains to meet any challenges to ensure continuity and simplicity of business for consumers and suppliers, both domestically and internationally. This includes supporting our manufacturing client in Peru for raw materials and exports as it looks to increase its production of steel to meet global demand. Thanks to the support from HSBC UK and our Relationship Director, Georgia Waddingham, Ronly has been able to continue to deliver exceptional results for its customers around the world.”
Victoria Ritchie, HSBC UK Area Director for London City Corporate Banking added, “HSBC UK was pleased to support Ronly as it continues to facilitate international trade for the manufacturing and construction industries. The funding will enable Ronly to maintain its competitive pricing structure for clients as well as a reliable logistics programme during these challenging times.”