Vanilla Steel accelerates its growth in Europe despite steel shortage

Friday, 12 February 2021 16:16:37 (GMT+3)   |   Istanbul

Germany-based Vanilla Steel, a new e-auction platform, has announced that it has accelerated its development with a monthly-listed tonnage that has more than doubled since October last year, going from 3,400 mt to 8,700 mt in January this year, despite the current slowdown.

According to Vanilla Steel, steel markets have been extremely volatile in the past few months, shifting from historic low levels in the aftermath of the pandemic to historic high levels in recent weeks given the current lack of steel supply. The turmoil has been exacerbated by the difficulties in importing steel and a combination of price hikes in both raw materials and logistics.  

Every Monday, new auctions are published on the platform. The company stated that it is trying to build a customer-centric digital product that fits the needs of the steel industry.

“We are building a secondary market for the European steel ecosystem to help them trade steel that is available for immediate sale more efficiently,” Alexis Ducros, co-founder of the platform, said. The platform offers a one-stop-shop for buyers, where they can go and find excess material across Europe with a presence in 30 countries. The number of European steel suppliers that have joined Vanilla Steel has reached 50 and the company is offering carbon steel, alloy steel and stainless steel.

Vanilla Steel also stated that it has a positive impact on the environment: steel products get their life expectancy extended, therefore avoiding unnecessary scrapping and reducing the carbon footprint of the steel industry. 

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