It looks like it's pretty beat up. Wet sand down the entire basket with 2000 grit sandpaper. Then use a random orbital buffer and chrome polish to polish it back to new.
Sand more in areas where rust has built up, until it is gone.
That should make it look brand new //content.invisioncic.com/y282845/emoticons/thumbsup.gif.3287b36ca96645a13a43aff531f37f02.gif