Equity Analysis /
Pakistan

Pakistan Fertilizers: October 2021 sales volume update

  • Urea offtake in October 2021 increased by 24% yoy and 5% mom to c.514,000 tons

  • Industry Urea inventory stood at c.137,000 tons at the end of Oct'2021, compared with c.116,000 tons in September 2021

  • Offtake and prices of both Urea and DAP are expected to remain elevated in 2MCY21, sustaining the momentum from 10MCY21

Intermarket Securities
24 November 2021