Through the spot selling price of RMB, the British steel price of GBP = 831.04/675.14 =1.231,and GBP 1490 is converted into USD =1490.

Therefore, the American market is cheap.

2. For imports from Japan, since the exchange rates of USD/JPY and GBP/JPY are not provided, we need to use cross-trading, and we do cross-trading conversion based on RMB.

The exchange rate when converting into Japanese yen must be the same, so we still only need to compare the pound and the dollar. We can omit the step of changing into Japanese yen.

At this time, we need to change pounds or dollars into RMB (and then into Japanese yen), using the spot foreign exchange buying price, that is, the price at which you change foreign exchange into RMB.

According to the spot purchase price of RMB, it is calculated that GBP =825.5/672.58= 1.227, and the British steel price GBP 1490 is converted into USD =1490 *1.227 =1827.

So the American market is still cheap.