Equity Analysis /
Pakistan

Pakistan Fertilizers: September 2021 – Sales volume update

  • Urea offtake in September 2021 increased by 24% yoy to c.487,000 tons, but fell 25% mom

  • We expect Urea prices to increase by PKR50-70 per bag in November onwards

  • Offtake and prices of both Urea and DAP are expected to remain elevated in the last quarter of CY21

Intermarket Securities
27 October 2021