Indian steel futures continued to trade high, tracking gains in MSBillet and other commodities.
It was reported that prices across India moved up by Rs 200-300 on better demand. Though market participants are not very bullish, they expect prices might not sustain in the short term.
” If Rupee recovers further against Dollar then this will make scrap imports cheaper by Rs 1,000-1,200 per ton. Lot of Indian importers have started placing scrap orders.” said a billet trader based in Mumbai.
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