The available provisional data points towards a reduction in urea offtake by 11% YoY, settling at 409k tons in Apr’23 against 459k tons in SPLY. On a company-wise basis, urea sales of FFC and FFBL combined and FATIMA depicted a fall of 21% and 19% YoY, clocking in at 171k tons and 53k tons, respectively. Whereas, urea dispatches of EFERT remained unchanged at 157k tons in Apr’23.

Furthermore, NFML registered sales of 5k tons during the month. Likewise, on a MoM basis, urea offtake dwindled by 16% due to the seasonality factor. The urea offtake of FFC and FFBL (combined) displayed a fall of 37% MoM. Additionally, sales of NFML plunged by 79% MoM. Whereas, dispatches of EFERT and FATIMA ascended by 6% and 14% MoM, respectively. On a cumulative basis, urea sales depicted a decrease of 3% YoY during 4MCY23 to 2,032k tons. Urea sales of FFC and FFBL during the period went down by 8% YoY to 890k tons while FATIMA’s offtake tumbled by 40% YoY during 4MCY23 to 188k tons. Meanwhile, dispatches of EFERT remained stable at 708k tons in 4MCY23.

DAP offtake declined by 55% YoY in Apr’23

DAP offtake recorded a decline of 55% YoY | 16% MoM to 43k tons during Apr’23. With this, DAP offtake during 4MCY23 plummeted by 16% YoY to 288k. On a company-specific basis, DAP sales of FFC and FFBL arrived at 29k tons in Apr’23, showing a descend of 25% YoY, while registering a growth of 9% MoM. With this, FFC and FFBL’s DAP offtake during 4MCY23 settled at 180k tons, witnessing an uptick of 1% YoY. Meanwhile, EFERT’s DAP sales in Apr’23 displayed a decline of 59% YoY | 11% MoM, to clock in at 11k tons. During 4MCY23, EFERT’s DAP offtake arrived at 56k tons, down by 33% YoY.

Inventory position

Towards the end of Apr’23, the closing inventory of urea arrived at 268k tons compared to 69k tons in Mar’23. Whereas, DAP inventory was recorded at 291k tons as of Apr’23.

Courtesy – AHL Research