Marubeni, Itochu bring e-commerce to Japan

摘要

Japanese traders Itochu and Marubeni have signed a letter of intent with Metalsite of the USA to establish an internet-based steel trading venture in Japan. The Japanese hope that the new joint venture company, which they intend to establish during April-June this year to begin trading during July-September, will be handling 4m tpy of steel by 2003.Japan's domestic steel market is split roughly half-and-half between "miseuri" or spot business, and "himotsuki" business consisting of large lot, long-term contract business between major producers and customers. The new venture is targeting only "miseuri" transactions. The traders claim that within three years Internet-based steel trading will account for between 10 percent and 12 percent of miseuri deals (from zero today) of which the new venture hopes to enjoy a 50 percent share.