On the afternoon of yesterday, hundreds of steel merchants gathered at the Creative Hotel in Hankou, where they confronted three steel trading companies accused of "contract fraud." The traders claimed that over 260 million yuan worth of steel had not been delivered or refunded on time. Among those affected, many were long-time operators in the Dan Pond 661 warehouse steel market, with some losing more than 22 million yuan.
Ms. Lu, a local steel trader, revealed that her company had worked with Wuhan Xinan Tongyuan Trading Co., Ltd. for three years. The company offered steel at prices 200-300 yuan per ton lower than the market rate. However, starting in March this year, deliveries began to be delayed. By July, 5,180 tons of steel—worth 17.8 million yuan—had not been delivered. When the company requested a refund, it was denied. Despite failing to deliver, Xinan Tongyuan continued to accept new orders, raising suspicions among other traders.
Tie Long, another steel dealer, confirmed that the low prices had attracted many buyers, leading to a surge in transactions. He admitted he had lost over 3.7 million yuan due to the scheme. After the Xinan Tongyuan scandal broke, two other steel trading firms, Dekangsheng and Zhensheng, were also implicated, with the main suspect being a well-known trader in the industry.
By yesterday, over 160 dealers had reported losses totaling more than 260 million yuan, with no steel delivered and no refunds received. On August 6, major steel users met with the legal representatives of the three companies, but all denied having any money. The incident has caused significant unrest in the Hankou steel market, with many calling it a major blow to the industry.
That same evening, after failed negotiations, more than 50 angry steel bosses escorted the company leaders to the public security bureau. According to reports from the Jiangan District Public Security Sub-bureau, three individuals have been detained and formally investigated for contract fraud. The exact amount of the fraud is still under investigation, as authorities are gathering evidence and intensifying their probe. With cases coming in from across the country, the full scale of the scam remains unclear.
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