Steel futures on NCDEX gain over 200 points as market react to weak rupee, which is at record low of 55.39 against dollar.
“There are concerns over weak rupee which is at its lowest and is expected to fall further. There is limited scrap as imports are almost nil for past few weeks. MS ingot is trading at Rs 34,800/t (Basic) on string trading volumes.
Also Gaziabad and Muzzafarnagar trade higher by Rs 200-300/t.” said an ingot owner based at Mandi Govindgarh.
Ingot prices remained stable across India, with Raipur trading at Rs 32500-600 (Basic), Raigarh at Rs 32,000 (Basic), Rourkela at Rs 31,400 (Basic) , Girdih at Rs 37,100-200 (Incld All).
Overall steel prices in India might see some upward moment primarily due to expensive raw material and falling rupee.
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