Equity Analysis /
Pakistan

Pakistan fertilizers: Higher offtake before the Urea price hike in August

  • Urea offtake during July 2021 clocked in at c.622,000 tons, up 8% yoy and down 10% mom.

  • Urea ex-factory prices were flat mom at c.PKR1,672/bag in July 2021, but have increased by PKR50/bag in August.

  • DAP offtake declined by c.22% yoy to c.193,000 tons, while rising 184% on mom basis.

Intermarket Securities
25 August 2021