Fertilizer applications were partially disrupted in Jul’26 due to the monsoon.

Ahl Research Ltd has published a report on Pakistan’s Fertilizer Sector, noting that fertilizer applications were partially disrupted in Jul’26 due to the monsoon. Provisional urea offtake declined 5% YoY to 580k tons in Jul’26, primarily due to monsoon-related disruptions that delayed fertilizer application across major crops.

• Moreover, urea offtakes remained subdued during May–Jul’26, reflecting dealer inventory build-up in Mar–Apr’26 ahead of anticipated price hikes. In Apr’26, FFC raised Sona Urea (prilled) prices by PKR 100/bag to PKR 4,500/bag (effective Apr. 16), while EFERT increased urea prices by PKR 100/bag to PKR 4,445/bag (effective Apr. 15). Since then, both companies have kept urea prices unchanged.

• FATIMA delivered a record Jul’26 performance, with urea offtakes rising to 127k tons, up 30% YoY from 97k tons in Jul’25. This marks the highest July offtake in the company’s history, surpassing the previous record of 106k tons in Jul’07 and standing 82% above the long-term July average of 70k tons.

• EFERT sales continued to decline, with urea offtake declining 19% YoY to 167k tons, reducing its market share to 28.7% from 34.0% in the same period last year. In contrast, FFC and FATIMA expanded their market shares during the month.

• On a cumulative basis, 7MCY26 urea offtake increased 4% YoY to 3,092k tons. FFC’s sales grew 20% YoY to 1,673k tons, while EFERT’s sales declined 22% YoY to 704k tons. FATIMA also recorded a 11% YoY recovery in urea sales during 7MCY26.

DAP sales down by 13% YoY in Jul’26

DAP offtakes

• DAP offtake remained subdued in Jul’26, down 13.0% YoY to 93k tons. Jul’26 volumes were also 37% below the long-term July average of 148k tons, making it one of the weakest July performances in the past two decades, as a result of elevated DAP prices.

• International DAP prices have rebounded sharply over the last 2–3 quarters, rising from a low of USD 549/ton to USD 915/ton, an increase of ~67%, reaching levels last seen during the 2022 commodity price spike.

• The latest rally follows a prolonged period of normalization during 2023–24, when prices largely traded in the USD 525–610/ton range before accelerating above USD 680/ton and subsequently USD 900/ton.

• As a result, farmers continue to substitute DAP with nitrogen-based fertilizers, as reflected in the trend in urea offtakes. Furthermore, CAN offtakes remained robust in Jul’26, rising 18% YoY to 77.6k tons. In contrast, NP offtakes exhibited signs of weakness, declining 78% YoY to 11.1k tons, likely driven by elevated NP prices.

• DAP offtakes remained weak in Jul’26, with FFC & FFBL retaining market leadership despite a 5% YoY decline to 81k tons. EFERT was the only major player to post growth, with sales nearly doubling 97% YoY to 7k tons, albeit from a low base. Private imports declined sharply by 66% YoY to 5k tons, while FATIMA Group reported no DAP sales during the month versus 3k tons last year.

Market Share

• During Jul’26, for urea, FFC led with a market share of 46.3%, followed by EFERT at 28.7%, and FATIMA at 21.9%. For DAP, FFC once again led with a market share of 87.4%, followed by EFERT at 7.2%.