Meet mjunction: World’s largest eMarketplace for steel!
Talking of B2B e-commerce companies, I would like to discuss in this post mjunction – one of the largest B2B e-commerce companies in India.
According to their website, the value of business transactions performed by it in FY’13 was more than $6 billion and it runs the world’s largest eMarketplace for steel.
mjunction initially started as an online marketplace for selling steel by two of India’s biggest steel companies when they had trouble selling steel in some areas. It gradually diversified to selling coal and a variety of other products. Today, it brings together thousands of business owners who can buy and sell their products, and it also provides them financial services for their purchases.
mjunction is a 50:50 venture promoted by SAIL and TATA Steel. It was founded in February 2001, and today it is not only India’s largest e-Commerce company but it also runs the world’s largest e-Market place for steel. The steel and coal supply chains in India have been transformed by mjunction.
With the e-Sales process, steel consumers large or small, are guaranteed of the quality delivered to them in a simple, efficient and clear manner anywhere in the country. They constantly strive to ensure that their buyers are not more than a click away from fulfilling their steel requirements.
Services provided by mjunction:
The process of an auction aims to find a fair price for the goods by identifying buyers who need them the most. These auctions are called forward auctions, in which buyers compete with each other by placing bids for the goods put on auction. mjunction pioneered the concept of e- Auctions for steel by moving the entire process of auctions to the Internet.
Mjunction offers unsecured online finance solutions (credit line and transaction status visibility), at attractive terms, to the buyers & channel partners (Distributors / Dealers / End Users) who buy from clients (sellers) in association with leading foreign and private sector banks in the country.
Delivering a diverse range of reinforcement solutions to the construction industry, Mjunction offers clients with several options of services to suit their individual needs on both estimation and detailing. They connect with the client to determine the client’s needs for every job. The goals are to provide the level of service needed as efficiently as possible and to avoid providing detail beyond our client’s needs.
Metal junction is now the largest e-marketplace for steel in the world, having sold over 4 million tons of steel for its clients and is currently selling at a staggering rate of 150,000 tonnes per month. The buyer community of 5400 plus buyers constituting traders, fabricators, and end users have placed their confidence on metal junction because of the operational efficiency, clarity and equal access that the platform provides.