Steel is likely to be traded more through the Internet
and the steel industry plans to sell 20 per cent of the
total steel traded in India through the e-commerce route
by the end of 2006.
prospects for the steel industry are bright because of
the rise in prices and restructuring packages for the
financially troubled units. The e-commerce way of trading
steel is cost-effective and there are presently six steel
trading websites in India, according to India Business
sites contribute 3 per cent of the total volume of the
steel traded in the country. They are: www.metaljunction.com
of Steel Authority of India and Tata Steel; www.clickforsteel.com
of Essar Steel; www.steel-rx.com
of a few professionals and Ferro Alloys Corporation; www.steelmart.com
of Jindal Iron and Steel Company; www.steelnext.com
of Reliance; and www.steelexchangeofindia.com
of a steel traders group and a former managing director
of Rashtriya Ispat Nigam.
from the industry reveal that 65,000-70,000 tonnes of
steel is traded through these websites. The total quantity
of steel traded through the Internet route was 50,000-55,000
tonnes during August-September 2002, which was 2 per cent
of the total quantity of the metal traded.