The provisional fertilizer data reports a 20% year-over-year decline in urea sales in April ’24, settling at 328k tons.

On a company-wise basis, urea dispatches of FATIMA and EFERT plunged by 50% and 52% YoY, clocking in at 26k tons and 76k tons, respectively. Meanwhile, urea offtake of FFC and FFBL combined climbed by 30% YoY, arriving at 223k tons. In addition to this, the NFML sales dwindled by 66% YoY, settling at 1.4k tons.

On an MoM basis, urea sales contracted by 51% owing to the seasonality factor. Urea offtake of FFC and FFBL combined, EFERT and FATIMA declined by 12%, 49%, and 66% MoM, respectively.

On a cumulative basis, urea sales showcased a growth of 6% YoY at 2,155k tons in 4MCY24. Offtake of FFC and FFBL combined and FATIMA increased by 7% and 39% YoY, respectively, settling at 948k tons and 263k tons. Meanwhile, urea sales of EFERT plummeted by 12% YoY, settling at 624k tons.

DAP sales surged by 82% YoY in Apr’24

DAP sales reached 92k tons in April ’24, representing a healthy growth of 82% YoY while declining by 13% MoM. With this, DAP offtake during 4MCY24 settled at 381k tons, up 29% YoY.

On a company-specific basis, DAP sales of FFC and FFBL combined ascended by 3x YoY | 3% MoM to 81k tons in Apr’24. Therefore, FFC and FFBL’s DAP offtake during 4MCY24 clocked in at 272k tons, witnessing a hefty growth of 52% YoY.

Meanwhile, EFERT’s DAP dispatches in Ap’24 plummeted by 7% YoY | 53% MoM to settle at 10k tons. Despite this, EFERT’s DAP offtake in 4MCY24 swelled by 67% YoY, arriving at 93k tons.

Similarly, FATIMA Group’s DAP sales reduced by 67% YoY | 98% MoM to reach 0.05k tons in Apr’24. As a result, FATIMA’s DAP offtake arrived at 5k tons during 4MCY24, plunging by 83% YoY.

Inventory position

The urea inventory stood at 367k tons towards the end of April ’24 compared to 671k tons in March ’24. Meanwhile, the DAP inventory settled at 109k tons in April ’24 against 107k tons in March ’24.

Courtesy – AHL Research