Equity Analysis /

Pakistan Fertilizer: May 2022 – Sales Volume Update

  • Urea offtake in May 2022 decreased by 9% mom and 17% yoy to c.418,000 tons

  • Industry Urea inventory rose to c.465,000 tons, due to lower monthly offtake and imports earlier in the year

  • DAP offtake declined by 46% yoy (flat mom) due to surge in local DAP prices; DAP inventory stood at c.370,000 tons

Abdul Ghani Mianoor
Intermarket Securities
23 June 2022


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