MaterialsXchange, an electronic marketplace for buying and selling raw materials, went live on Monday with the first transaction executed shortly after the launch. The first listings on MX are wood products, specifically Oriented Strand Board, European Spruce lumber and Southern Yellow Pine lumber. This inaugural transaction on MX matched Binderholz Timber Inc. with Hart Lumber for a first-ever deal between the two and consisted of a full truckload of 2×4 Euro Spruce from the Port of Houston.
This first transaction on the MX platform marks the beginning of a new era for commodity materials markets. The platform’s two-sided price format, with continuous updates of transparent data, gives all participants much-needed insight and enables buyers and sellers to easily place bids and offers in real-time without the time-consuming task of price extraction.
MX is first bringing its solution to the wood products market, where there is no efficient digital solution for managing the supply chain of the more than 3 million truckloads of North American softwood lumber and structural wood panels produced each year.
“MX has a team of individuals from the financial trading and technology industry who identified inefficiencies in the raw materials spot markets and built an innovative and easy-to-use solution,” commented Mike Wisnefski, CEO of MaterialsXchange. “The MX platform, with its combination of transparent market data, automated back-office functionality, and accessibility, provides market participants with meaningful gains of efficiency and cost savings.”
MaterialsXchange is an electronic marketplace for buying and selling raw materials. Headquartered in Chicago, IL, the company seeks to foster the evolution of commerce in commodity raw materials by implementing innovative technology that completes the digital supply chain. MX’s platform empowers its users by creating efficient transactions and real-time pricing for all market participants. The company believes that buying and selling raw materials should be easy and instant while allowing anyone to easily view pricing and make payment transfers quickly. MX’s technology can handle any product traded in a commoditized market environment and is built so that back-office functionality can grow in tandem.