Vanilla Steel, a Germany-based electronic auction platform for excess steel products has more than doubled its monthly-listed volumes since October last year, according to a statement released by the company on Feb 12.
Listed volumes on Vanilla Steel’s e-auction platform have climbed from 3,400mt in October 2020 to 8,700mt in January 2021, despite extremely volatile steel market trading conditions over the past few months.
Alexi Ducros, co-founder and managing director of the platform, stated that the company was building a secondary market for European steel to help the region trade available volumes for immediate sale more efficiently.
According to the company’s website, the platform offers a “one-stop-shop” for buyers, where they can find excess material across Europe with a presence in 30 countries with new auctions published on the platform every Monday.
The company claims that it has a positive impact on the environment given that steel products get their life expectancy extended, therefore avoiding unnecessary scrapping, and reducing the carbon footprint of the steel industry.
The number of European steel suppliers that have joined Vanilla Steel has reached 50 and the platform offers carbon, alloyed, and stainless steel.