Rupee breached a mark of 48 against a
dollar this morning to a make a new low. Depreciating Rupee has made imports
expensive by about 8-9% as compared to few weeks ago when it was trading at 45.
Ferrous Scrap prices have reacted to
depreciating rupee and gained about Rs 200-400/MT in domestic market.
“Few
weeks back we had to pay Rs 45 for a dollar and now it is Rs 48 against a
dollar. Imported scrap prices are now expensive by Rs 1000-1200 as compared to
last month. This has also impacted the domestic scrap prices which have gone up
by Rs 200-400/MT”, said an importer based at Mandi Gobindgarh.
Steel makers are forced to pay higher
despite of sluggish demand in steel market, he added.
In
the International market, scrap prices are also holding firm on strong demand
from Turkey and China.
Leave a Reply