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mjunction conducts online auction for Tata Steel UAE

Steel News - Published on Thu, 24 May 2018

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Economic Times reported that mjunction services limited, a 50:50 JV between Steel Authority of India and Tata Steel |and one of the country's largest B2B e-commerce companies, has conducted its first ever international online auction for Tata Steel UAE, for whom it was a maiden experience of selling steel online.

The initiative marked departure from the traditional practice under which the price discovery for Steel has been done Offline. However the price discovered online was 36% higher than the last selling price obtained through the offline process.

To ensure that the buyers had a seamless and glitch free experience, a customised auction strategy was designed by the mjunction team after taking feedback from buyers in the region. Six buyers from the Middle East region placed bids for buying the material.

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Posted By : Amom Remju on Thu, 24 May 2018
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