New e-auction platform to help steel suppliers sell excess material

Friday, 23 October 2020 11:31:02 (GMT+3)   |   Istanbul

Germany-based Vanilla Steel, a new e-auction platform, has been launched during the Covid-19 crisis to help European steel suppliers with their excess material. According to the company, the coronavirus has accelerated the need for digital sales channels for steel that reduce the cost of selling as well as the cost of inventory. 

“We help steel suppliers to sell their excess material to a network of trustworthy steel professionals through online auctions published by suppliers. In addition, we also enable them to market their free production capacity,” Alexis Ducros, one of the co-founders stated. Vanilla Steel helps suppliers to find a fair market price through online auctions.

The customers of Vanilla Steel are steel producers and processors in Europe that generate excess material and are looking to efficiently sell this highly illiquid and difficult-to-price material.

The company was launched officially in June, had transactions from the first week onwards and now has suppliers and buyers across 20 countries in Europe.

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