mjunction conducts its first ever international online auction for Tata Steel UAE
mjunction services limited, India’s largest B2B ecommerce company, has conducted its first ever international online auction for Tata Steel UAE, for whom it was their maiden experience of selling steel online.
Traditionally, the price discovery for steel was done offline. The price discovered online was 36 percent 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.
mjunction CEO Mr Vinaya Varma said, “This is a significant milestone for mjunction towards increasing its global footprint. With this event, we look forward to expanding and consolidating our presence in the Middle East region.”
mjunction runs the largest e-marketplace for steel, having sold over 15 million tonnes since 2001. The company also operates auction platforms for coal, telecom spectrum, rough diamonds, idle assets, and foodgrains, among others.