Our Buyers and End-Markets open Letters of Credit directly to Iron Industries, LLC.

Letters of Credit allow us to buy 1,000s of tons per month- something we cannot do with Cash Against Document (CAD) terms.

  • We do not open or transfer our letters of credit.
  • We use them to buy from multiple suppliers at the same time.
  • Our LCs are: Irrevocable Cumulative Revolving Letters of Credit at Sight.
  • The LC is opened for 60 Days. Which means we have 45 full days to ship.
  • We exercise them every 300 – 500 MT.
  • Our Letters of Credit are processed by Bank of America in Pennsylvania USA.

How It Works

  1. After loading, return the containers to the port.
  2. We receive the Original Bill of Lading – usually 3 days after the vessel sails.
  3. We Express Mail documents to Bank of America (YES. Physical documents are required).
  4. Bank of America submits documents to the Issuing Bank.
  5. Issuing Bank wire transfers payment.
  6. When we receive funds we immediately wire transfer payment to our Suppliers.
  7. Keep in mind, Iron Industries, LLC. pays for the Ocean Freight + PSI in advance of receiving our payment. So we wait too.

When Do Suppliers Get Paid?

Usually 5 – 6 days after shipping. We go as fast as we can- but this is how international trade works.

Call or WhatsApp: 1+305-780-4942

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