Shop for raw materials online using STX's B2B platform TrollyGo

Industry

Shop for raw materials online using STX's B2B platform TrollyGo

Published: 22 Nov. 2023, 16:08 Updated: 22 Nov. 2023, 16:45

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

STX's new online raw material trading platform TrollyGo launched on Wednesday. [STX]

STX launched an online raw material business-to-business platform dubbed TrollyGo, spearheading the digital transition in an industry where online transactions are not yet common.

From searching the materials to making transactions, the online platform vies to offer a one-click trade system for businesses. The platform also offers market data and indexes in partnership with Korea's Yonhap Infomax. For sellers that want to dispose of their stocks, the platform offers a bidding system.

In the past there have been online platforms handling a single type of material such as steel, but a platform that handles an array of materials from nickel and steel to zinc is a first, according to the company.

TrollyGo is the fruition of five years of development, says STX.

“Trading raw materials online has been largely shunned due to a credibility issue and because the process was considered too complicated,” said Hong Ra-jung, chairman of the STX board of directors, at a press conference held Wednesday in central Seoul.

“Just like how people put items in their virtual cart when shopping online, TrollyGo will make trading of raw and industry materials just as easy.”

Hong says STX's years of offline experience in trading industry materials and building networks with its partners will help TrollyGo have a global outreach.

“If a new company established such a platform it would not automatically draw in users, but STX already has credibility and name value that's been built up for a long time in the industry,” Hong said. “This is not a completely new business for us but a matter of digitizing the existing business, which will minimize any potential errors generated in the process.”

STX is a 47-year-old company that trades raw materials globally.

STX believes the online platform will reduce the cost for traders by removing middle agency and broker fees.

“In the case of metal transactions, companies' margins are approximately 1 percent, but that usually gets chipped away because of payments to various middle agencies and brokers,” Hong said. “When using TrollyGo, such costs will not be generated.”

For those who want to keep their trading information, such as the price, confidential, the platform also offers a one-on-one chat system where the seller and the buyer can negotiate behind closed doors.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]