Indian rupee gains sharply against US dollar on government's decision of raising diesel prices. Rupee gained over 0.75 p and trades at 54.68 per USD on Friday morning.
Sources report that Indian scrap importers got active on falling Rupee and few cargoes of HMS 1&2 were bought at around $402-405/t CFR Nav Sheva in containers.
“Strong rupee will see more and more deals as imported scrap comes in parity with domestic scrap and sponge iron. We feel $400-405/t is not a bad level and market should look to take positions.” said market traders.
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