Date
18 October 2017

More steel companies expected to embrace e-commerce, Xinhua says

More steel producers are expected to jump on the electronic commerce platform in a bid to bolster sales and reduce operating costs amid slumping steel prices, the official Xinhua news agency reported Sunday, citing Dong Baoqing, deputy director of the information promotion department at the Ministry of Industry and Information Technology. More than 30 steel companies have joined the trend, although the number of players may be whittled down to just five after five years in view of the intense competition, Dong was quoted as saying. Steel trading transactions in the e-commerce market is forecast to reach more than 10 trillion yuan (US$1.65 trillion) in 2014, with over 8 trillion yuan coming from the business-to-business (B2B) sector, the report said.

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EL/AC/CG

 

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