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Looking for a supplier of steel for your business is more complicated than simply choosing the one with the lowest rates. For businesses in the construction or machine manufacturing industries, steel is one of the most important building blocks of the business. Searching for a isn’t merely finding vendor, it’s a commitment to partnership.

When looking for a steel supplier to partner with, price, although definitely important, should not be the determining factor. Looking a bit into their business ethic and resulting work output should be a major part of the process—as you will be working with them for quite some time.

To help you pick out the best suppliers, here are four major things to remember when picking out a steel supplier for your business.

A reasonable amount of experience

Just like when you’re looking for a good employee, having some background on the job is a definite must for highly essential roles—and a steel supplier is definitely essential. One of the most basic things to look out for is how long they’ve been in the business, as a business that has been in the market for quite a while should have enough experience to keep themselves afloat. 

Aside from this, a look into their previous and current customers would prove to be highly informative. If they have long-standing clients, then it would usually point to good-quality output from their end. Steel suppliers that come highly recommended and come with good reviews are good choices for a partner.

A commitment to their service and expertise

To reiterate, your steel supplier will be as close to a partner as a supplier gets—without their materials, your business will find itself in a tough spot. As such, ensuring they have the commitment to delivering results on-time and with full accountability is mandatory.

A partnership banks on trust and reliability, so if they give you a timetable, then they should follow-through. If they can’t deliver on-time or deliver poor quality results, then they aren’t worth your time and money.

An open mind and the flexibility to keep up with it

Handling repeat orders of basic materials is a basic requirement, but they should also be capable of catering to the more highly specific needs of your business. Steel suppliers don’t just chuck raw materials your way, they perform a lot of prepping to give you the needed output. 

As such, a service that can handle changes to your order is a big bonus for your business. A steel supplier that can provide a multitude of options and additional services is a gem to keep around.

An accomodating customer service support

No matter how good they are at their job or how long you’ve partnered with them, they should still be able to provide good customer service support for you. Beyond mere reliability in delivery times and product output, they should be able to communicate with you properly.

A steel supplier that has dedicated account managers to cater to your questions and needs will go a long way in cementing your partnership. Reliable suppliers should be able to at least be ready to take in your complaints, should there be any, and resolve any issues without it affecting your business.

Conclusion

Finding a steel supplier for your job is a task that you should give more thought to, as their output is a large determinant in your success. By keeping in mind these simple tips, your supplier-finding shouldn’t be too difficult, allowing you to get the one best fit for your business.

Looking for a commodity marketplace that has a number of steel suppliers for your perusal? Connect with us today, we have a number of building material suppliers and other raw materials all available for contact.

Today’s market has seen the growth of many new ranges of wood types. Whether it’s for a home renovation or woodworking project, you have to ensure that you get quality raw materials so that you can produce the best possible products. If you need to get the best wood for your next project, then you should be dealing with a timber supplier. As there are a handful of timber suppliers probably in your area, you must be wary of choosing the right one for your wood-related project.

In this article, we will give you a quick rundown of four practical factors to consider when looking for a timber supplier:

1. Growing Location

The location plays a crucial role in the growth of trees for timber production. Know that timber suppliers typically have different areas to mass-produce their woods, and each site has various ways of growing trees and proliferating woods. The growing location then determines the type of wood your supplier will deliver to you. For this reason, you have to ask where the supplier sources out the wood and check to see the conditions of the growing location. 

2. Types of Timber

Although there are a variety of woods produced by timber suppliers, there are only two main types of timber — hardwood, and softwood. Generally, hardwood comes from a deciduous tree, while softwood comes from a conifer. Furthermore, hardwood is regarded as a quality timber when compared to softwood. If you use hardwood for furniture, it will not only be more durable, but it will also look classy and expensive. For this reason, know the type of wood a supplier is providing before taking the plunge.

3. Timber Characteristics

Aside from the main types of wood, you need to get into the specific characteristics of timbers. Consider the typical wood attributes, such as hardness, strength, toughness, and stiffness, among others. Factor in as well the size, weight, and thickness of the wood. So, when you’re buying, it’s important to carry some tools with you and measure the woods you plan to purchase and see whether or not a particular wood is suitable for the wood project you hope to pursue.

4. Supplier Reputation

There are probably a handful of suppliers in your locality. When looking for one, it’s important to check the reputation of the supplier before working with them. If you get some recommendations from friends or colleagues, you can also ask about the quality of products that the supplier provides. If you’re checking online for prospects, make sure to see online reviews or feedback about the timber supplier from former clients. Furthermore, ask some references from your potential suppliers to check their reputation so that you’ll be able to decide on the best fit for your timber needs.

Conclusion

Your chosen timber supplier can make a difference in your wood project. That is why, when looking for one, consider the supplier’s location, types of wood being supplied, the characteristics of the wood types, and the supplier’s overall reputation. Ultimately, the right timber supplier will provide you with the best wood materials that can bring out the best in your woodworking project.

We specialise in online commodities, raw materials, and industrial supplies. If you’re looking for a timber supplier in the UK, get in touch with us today to see how we can help!

In the industry of manufacturing, the process of sourcing pertains to the search of a supplier that will aid you in meeting your firm’s goals and objectives. These are often measured in terms of quality, costs, and deadlines, regardless of nature – be it a building materials supplier or even a tea and coffee supplier. Unfortunately, given the rapid landscape of production needs and their evolutions, finding the right industrial partner at the right time can be an issue. 

The process is easier said than done; after all, how do you find the best suppliers? This simple guide will address that question with a simple lesson on the sourcing processes. Let’s begin!

The sourcing in four steps

In the industrial production field, sourcing pertains to finding suppliers who meet the challenges of costs, quality, and deadlines encountered by most firms. To successfully execute sourcing, strategies must be put into place. Here are some of the realities and steps it encompasses:

• Step 1: The establishment of its panel – This pertains to the identification and qualification of suppliers who are best suited for the requirements.
• Step 2: RFQ (Request For Quotation) consultation – This is where a request is relayed, and the analysis of responses ensues.
• Step 3: The appointment of the supplier – This is where the choice for the best suitable supplier is finalised.
• Step 4: Relationship with the supplier – This encompasses information sharing and circulation, along with QCD and production management, among others.

How to successfully identify the best industrial partners

As mentioned, your strategy is the cornerstone of every aspect of your sourcing process. Even with the four-step process at hand, choosing the best industrial supplier calls for well-informed decisions. Here are some steps to know your business contact even better:

 1.  Identify your goals

Based on the state of your industry, does your organisation need to adapt to standards? Is there a need for the implementation of new production methods in terms of sustainability and other strategies? These are challenges your firm may be facing, and identifying your goals that surround those issues is necessary. Should you wish to find the right industrial partner, identifying what you need is imperative.

2. Match the supply and demand and examine their businesses expertise

As you ponder on potential candidates, carefully consider the details of the products they wish to offer. From there, examine whether or not they match your internal needs. Moreover, understand that there is a risk involving supplier searches. For one, their credibility and business expertise remain unknown. Nevertheless, there is a way to reassure your needs and lower the risk: obtain certifications (ISO certifications). This creates a foundation for trust, which can be further built through word of mouth affirmations and reviews.

3. How well do they communicate with you?

As the need for suppliers grows ever more demanding, clients continue to look for new ways to communicate with providers. That said, technical support and customer service should be crucial to your decision-making process. Liaising and closing deals is one matter, but their approachability and accessibility say quite another, more so than any costs.

Conclusion

While a simple guide, the rational elements that will help you make well-informed decisions are present. As you course through your list of potential suppliers, remember that there are more than costs at play – your goals, for instance, play a critical role in finding the most suitable partner. What they offer and how they manage their communication also matter, as these assure you of their credibility and security. Although it entails much work, finding the right supplier will surely send your business operations growing into new heights.

Are you looking to deal with an online spot marketplace in the UK? Get in touch with us today to see how we can help!

If you’ve gotten yourself acquainted with a commodity marketplace, you might’ve heard of the term “spot market.” Most likely, you’ll have heard of this when also hearing about commodity purchases. Well, what is the spot market? The “spot market” is a term that relates to the commodity marketplace and is pointed at the price at which you, or anyone else, purchases a certain commodity.

That said, if you’ve never dealt with bulk commodities like oil, chances are you’ve never heard this term before. However, we’ve put together a simple guide to let you know the basics on spot markets in the commodity marketplace. But before we start on that, let’s talk about commodities first:

What’s a commodity?

Commodities are the items you buy and sell in a commodity marketplace. It can range from products like soybeans and corn, all the way to other, more essential products like fuel and oil.

In these markets, there are a few ways you can purchase the items at specific prices. First, you’re given the ability to use forward contracts. Forward contracts allow you to agree on a set price to be paid in the future for a certain number of items, no matter the actual cost of what you’re buying. This is useful in many scenarios, such as oil buying. If you’re purchasing a set amount of fuel to last the next year, you can set a certain amount and pay a certain price, meaning that you’ll get what you pay for, no matter if the value of oil rises or falls. 

However, there are situations in which you might need to buy extra fuel because you didn’t buy enough. This leads us to the second way to purchase the commodity, which is to buy it on the spot market.

What is buying on the spot market?

Simply put, buying on the spot market means that you’re purchasing according to today’s price. For example, imagine you’ve set a future contract for fuel at $10 per barrel. Unfortunately, you find yourself needing more fuel a few months later, but the price of a barrel is now $12. While you’re still receiving the $10 barrels you’ve paid for, any extra fuel you buy will be charged at $12 or whatever the price is on that specific day.

While this happens occasionally in commodity markets, it is more common in spot commodity markets in which people like you can quickly purchase small amounts of raw ingredients to ensure that you have enough supplies of a certain material to keep your business running.

Spot markets versus forward contracts

So, what’s the difference between spot markets and forward contracts? Well, while we’ve pointed out that forward contracts are geared more towards future purchases, spot market commodities are purchased, well, on the spot. Additionally, spot market prices are generally much higher because when you find yourself needing more fuel, chances are other people also need it, putting the commodity in high demand.

Remember, though, that spot market prices aren’t always higher. It just means that the amount of the raw material you’re going to purchase is set at a specific price for that day.

Conclusion

If you find yourself dealing with the term “spot market,” you now know exactly what it means. Not only that, but now you know how to get yourself more of a specific raw material if you find that your future contract isn’t providing enough to ensure that your business is still in production.

Are you looking to deal with an online spot commodity marketplace in the UK? Get in touch with us to see how we can help.

Supplier relationship management (SRM) is one aspect of business that your company should have in place. As a business, you may be working with a handful of suppliers that provide you with raw materials or certain items. As much as possible, you have to establish good relationships with them, which can benefit you along the way. 

Unfortunately, it’s easy for some companies to take their supplier management for granted. Naturally, their utmost focus is on establishing good relationships with customers only. What many fail to realise is how building great connections with suppliers can be impactful to their business as well.

That said, here are four benefits that you can take advantage of having solid relationships with your suppliers.

1. Quality materials and timely delivery

If you want to make a dent in attracting customers and have high returns, there are two aspects you shouldn’t neglect—the quality of your products and the turn-around-time of delivery. These two factors can be impacted significantly if your suppliers fail to do the needful. As much as possible, they have to provide you with the raw supplies on time, and these materials should be of good quality. If you build good connections with these suppliers, not only will they prioritise your goods, but they will also provide you with superior materials.

2. Seamless production

In line with getting quality materials on time, it’s easy for your production phase to kick off. If there are delays in the delivery of your needed supplies, your business operation can have downtime, which can severely affect your overall production. When you set out to establish good relationships with your supplier, you won’t have to experience all these delays and challenges. Your business will always have a smooth operation and overall production.

3. Customer satisfaction

With timely delivery of supplies and seamless production, what can you expect from your products and services? You can expect quality products and timely delivery of services as well. What does this mean to your customers? They will be happy campers as well, knowing that your business does deliver way above and beyond. You will be known as a company that values customer satisfaction. The supply may just be the initial step of your process, but it can have a ripple effect on your overall business success.

4. Help and support

What’s good about having solid relationships with your suppliers is the utmost support. Both parties no longer see each other as clients that need something from each other. You both realise that you are business partners and that your relationships with each other are crucial to each other’s success. Should there be challenges and problems along the way, you’ll be providing help and support for each other.

Conclusion

Many businesses tend to neglect supplier management. Know, however, that a good relationship with your suppliers is just as important as fostering good relationships with your customers. As outlined above, many benefits come from having solid relationships with your suppliers. All these valuable merits can contribute to the overall success of your business.

We specialise in online commodities, raw materials, and industrial supplies. If you are looking to have trusted suppliers and build good relationships with them, contact us today to see how we can help!

When we talk about commodities, we think of goods or products that we need in our day-to-day life. These products can be categorised into two: hard and soft commodities. While hard commodities refer to products provided by our natural resources such as oil and metals, soft commodities are flexible products such as livestock and agricultural goods.

But the question is, how do we go about procuring these goods or products? In the past, we resorted to commodity trading by exchanging stuff such as spices, fruits, vegetables, and livestock. Today, we trade commodities through the use of money. That is where the commodity market comes into the picture.

The commodity market allows us to trade vital things such as precious metals, energy, oil, spices, and livestock, among others. These products can be accessed through traditional holdings, contracts, exchange-traded funds (ETF), and associated markets.

In this blog, we’ll cover the five benefits of a commodity market. Keep on reading to learn more!

Improvement in product quality

The commodity market aims to improve the quality of products being traded. This goal is achieved through the existence of warehouses with grading facilities. The standardisation of commodity trade is set in place to ensure quality products, and along with this is the certification issued by the exchange-certified warehouses.

Price discovery

The commodity market allows easy discovery of prices. Pricing is set based on the data and information on specific markets, the demand and supply balance, weather forecasts, government policies, environmental factors, and the position of buyers and sellers making product exchanges. The goal is to set a fair value of price per commodity for proper trade execution.

Hedging

Price risk management is vital to the overall equation in the commodity market. For the most part, risk management is attained through the most common method known as hedging. This strategy takes an equal but opposite position in the futures market to protect businesses from an adverse price change. This particularly benefits farmers, processors, merchandisers, manufacturers, exporters, importers, and more.

Competitiveness in export

The commodity market ensures competition in exporting products. For one, exporters can hedge their price risk and improve their competitiveness through the futures market. This market allows exporters to hedge their proposed purchase by temporarily substituting for the actual purchase. Without it, the commodity market will have time-consuming and expensive physical transactions.

Accessibility to credits

What’s good about the commodity market is how it allows businesses to have access to credit. Easy credit accessibility has brought financial institutions’ confidence in proper risk management set in the commodity market. Without risk management, marketing and processing commodities can be a risky business activity to fund. Through proper regulation and full compliance, banks will be more confident than ever in funding commodity-trading companies.

Conclusion

There are valuable reasons the commodity market exists. As shown above, the commodity market ensures product quality, price discovery, pricing management, export competitiveness, and credit accessibility.

Ultimately, proper trading implementation, regulation, and compliance are set in place for the good of the participating businesses and the entire commodity market.

We specialise in online commodities, raw materials, and industrial supplies. If you are looking to optimise your supply chain in the commodity market, contact us today to see how we can help!