An ‘’ equivalent for steel? Perhaps, but not quite yet

Oct 02, 2013 | 08:03 AM |

Tags  steel, online trading, Internet, Xu Lejiang, Baosteel Group, Ma Guoqiang, Hebei Iron & STeel, Shagang Group China Minmetals

SHANGHAI — Electronic commerce has often been touted as the way forward for Chinese steelmakers looking for new avenues to sell their product amid oversupply and overcapacity.

But is it truly the answer?

Many major mills have ventured online or set up electronic trading platforms, but in the absence of success stories there’s doubt about whether e-commerce is indeed the future.

Xu Lejiang, chairman of Baosteel Group Corp., Shanghai, had said at the 2013 Summer Davos Forum in Dalian, China, in early September that e-commerce would become the new business model for steel, emphasizing that the development of the industry would be tied to the Internet.....

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