Steel and DAP prices rise in response to rupee devaluation

According to industry sources, steel prices have surged on the ground owing to the recent rupee devaluation. Prices of steel products have increased in the range of Rs 2000 to Rs 4000 per ton. As a result, prices of various products now range from Rs 99,000 to Rs 108,000 per ton.

Fertilizer companies have also increased DAP (diammonium phosphate) prices by Rs 100 per 50 kg bag. As a result, DAP prices now stand at Rs 3433 per 50 kg bag.

Analysts hold the view that DAP prices could be due for further hikes in the foreseeable future and expect the increase to be around Rs 150 per bag.