Mjunction Services Limited (Mjunction) recently conducted its first online auction for Tata Steel UAE. Mjunction is a 50/50 B2B e-commerce JV between Steel Authority India Limited (SAIL) and Tata Steel.
According to a press release, the auction attracted six Middle Eastern buyers and the price discovered “was 36 percent higher than the last selling price obtained through offline selling methods.” Vinaya Varma CEO of Mjunction said that the B2B site is seeking to increase its global footprint and the Middle East region is an important aspect of that expansion.