Macro Analysis /

November 2021: Urea inventory plunged to 32mth low

  • Urea offtake in Nov 2021 increased by 8% yoy and 12% mom to c.574,000 tons, due to possible increase in Urea prices

  • Industry Urea inventory has dropped to 32 months low to c.98,000 tons at the end of November 2021

  • DAP prices jumped by PKR1,100/bag to PKR7,950/bag. Presently, DAP prices have risen to PKR8,800/bag

Intermarket Securities
27 December 2021