Strong Rupee puts threat to Indian sponge prices

Sponge prices in Indian are under pressure, which have been holding firm from last few weeks on expensive raw material and lesser imports of scrap.

After Rupee hits 4 weeks high of 54.70 per USD will be a threat to sponge prices in India reported Industry experts.

“Few weeks back when rupee was at 57 levels against USD, imports of scrap were almost negligible.Not it gained sharply om positive global sentiments to 54.7 per USD.

Importers would like to take positions in imported scrap market as international prices are quite low (HMS at $400/t CFR Mumbai).” said an Industry veteran.