Minmetals wants to build steel version of Tmall
In response to the ongoing challenges in the steel industry, companies across the Chinese steel supply chain have been seeking ways to transform and innovate. In recent years, the "internet mindset" that once revolutionized sectors like retail and finance has now begun to reshape the steel industry as well.
Minmetals, a leading state-owned steel company with over 60 years of history, recently launched Xinyi Lian, a commodity e-commerce platform focused on steel products. This initiative marks a significant step toward digital transformation for the company, aiming to "redefine business models and drive industry upgrades."
At a press conference, Yu Engang, Deputy General Manager of Minmetals Development, boldly compared the platform to "Tmall" in the steel sector, signaling the company's ambition to become a major player in online steel trading.
The journey began as early as 2010 when Minmetals started exploring e-commerce strategies. By 2012, it had established the "China Steel News through E Alliance," connecting steel warehouses, logistics, and trade companies. Over time, the company refined its e-commerce model, eventually launching Xinyi Lian — a third-party platform integrating spot trading, financial services, and high-end consulting, supported by a full industry chain approach.
Xinyi Lian aims to reduce intermediaries, enhance circulation efficiency, and improve information standardization. It also seeks to integrate storage systems, enable secure transactions, and promote multi-regional resource sharing. Through financial collaboration with banks, it addresses corporate financing challenges and builds a sustainable ecosystem for all stakeholders.
Interestingly, e-commerce is no longer limited to Minmetals. Many steel producers, traders, and information providers have also launched their own platforms. According to reports, more than 100 e-commerce companies are now involved in the steel market.
Industry experts believe that while the steel sector may face tough times in the next few years, the rise of e-commerce could accelerate transformation and improve competitiveness.
Another analyst noted that the integration of e-commerce into steel operations helps deepen digital adoption, boost industry informatization, and strengthen collaboration among upstream and downstream players.
As for competition, Minmetals emphasizes its unique advantages, including open resources, decades of offline experience, strong industry credibility, and a growing digital warehouse system. These factors are expected to give Xinyi Lian a competitive edge in the evolving steel e-commerce landscape.
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