A review of fertilizers sale in Pakistan during July 2, 2021

According to the provisional fertilizer offtake data for the month of Jun’21, urea offtake showed a decline of 42% YoY to 673k tons compared to 1,165k tons in SPLY. Sales of FFC and FFBL (combined) were down by 50% YoY while EFERT’s offtake plunged by 54% YoY.

Meanwhile, FATIMA Group’s sales posted a growth of 117% YoY. On a MoM basis, urea sales witnessed a significant jump of 34%, which is owed to seasonality factor. Urea sales of FFC and FFBL (combined), EFERT and FATIMA were up 25%, 19% and 118% MoM, respectively.

On a cumulative basis, urea sales grew by 8% YoY during 1HCY21, clocking-in at 2,881k tons. The urea sales volumes of EFERT posted a jump of 32%, arriving at 1,149k tons while FATIMA’s sales were up 29% at 324k tons. However, sales of FFC and FFBL combined exhibited a drop of 12% YoY, settling at 1,351k tons.

DAP offtake declines by 79% MoM in Jun’21

DAP offtake witnessed a hefty decline of 79% on both, YoY and MoM basis, to 37k tons during Jun’21. Moreover, during 1HCY21, DAP offtake dropped by 5% YoY, clocking-at at 570k tons. Company-wise breakdown shows that DAP sales of FFC and FFBL settled at 24k tons in Jun’21, portraying a YoY and MoM decline of 64% and 76%, respectively. While FFC and FFBL’s DAP offtake, during 1HCY21, witnessed an uptick of 1% YoY to 296k tons. On the other hand, EFERT’s DAP sales during Jun’21 plummeted by 65% YoY and 55% MoM during Jun’21 to 12k tons. With this, EFERT’s DAP offtake for 1HCY21 tumbled by 12% YoY to 96k tons.

Inventory position

Closing inventory of urea with local manufacturers at the end of Jun’21 stood at 416k tons versus 612k tons in May’21. On the other hand, closing inventory of DAP stood at 197k tons at the end of Jun’21.

Courtesy – AHL Research

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