As per provisional fertilizer offtake data for the month of Nov’21, urea offtake grew by 5% YoY to 561k tons compared to 533k tons in SPLY. Offtake of FFC and FFBL (combined) and EFERT depicted a jump of 6% and 3% YoY, respectively; while sales of FATIMA remained stable. Similarly, on a MoM basis, urea offtake climbed up by 9% due to higher demand in Rabi season. Urea sales of FFC and FFBL (combined) and EFERT portrayed an increase of 7% and 17% MoM, respectively. Whereas, FATIMA’s offtake registered a drop of 6% MoM. On a cumulative basis, urea offtake witnessed an jumped up by 10% YoY during 11MCY21, settling at 5,650k tons. The urea sales volume of EFERT showcased an ascend of 15%, arriving at 2,095k tons while FATIMA’s sales climbed up by 30% to 740k tons. Offtake of FFC and FFBL combined displayed an uptick of 2% YoY, arriving at 2,714k tons.
DAP offtake down by 37% MoM in Nov’21
DAP sales reported a decline of 41% YoY / 37% MoM reaching 217k tons during Nov’21 amid massive surge in DAP prices. Meanwhile, during 11MCY21, DAP sales fell by 11% YoY, clocking-in at 1,761k tons. On a company specific basis, DAP sales of FFC and FFBL arrived at 116k tons in Nov’21, portraying a YoY and MoM drop of 45% and 30%, respectively. With this, FFC and FFBL’s DAP offtake during 11MCY21 settled at 913k tons, down by 12% YoY. Whereas, EFERT’s DAP sales during Nov’21 plunged by 34% YoY and 66% MoM to 23k tons. With this, EFERT’s DAP offtake in 11MCY21 plummeted by 23% YoY to 287k tons.
Towards the end of Nov’21, closing inventory of urea with local producers stands at 83k tons as compared to 140k tons in Oct’21. Furthermore, inventory position of DAP is set at 129k tons by the end of Nov’21.
Courtesy – AHL Research