MS Ingot across India trades high in the early session. Both physical and futures market gained momentum after rupee hit all time low of 53.50 against a dollar.
” Indian Rupee has been continuously falling and is expected to weaken further in the days to come. So, this will make steel imports expensive by 2-4%. Anticipating a rise in prices, traders have raised their offers for imported scrap”, said a scrap trader based in Mandi Gobindgarg.
Falling Rupee will make coal and scrap expensive for steel manufacturers based in India, he added.
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