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Fertilizer offtake plummets 21.6% YoY in May 2024

Fertilizer offtake plummets 21.6% YoY in May 2024
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June 14, 2024 (MLN): The country’s overall nutrient offtake fell 21.6% YoY to 244,000 tons during May 2024 as compared to an offtake of 312,000 tons in the same month last year, the latest monthly report of fertilizer offtake issued by the National Fertilizer Development Company (NDFC) showed.

Among the nutrients, nitrogen and Phosphate offtake decreased significantly by 18.7% and 40%, while potash offtake increased 54% on a year on year basis.

  May-24 May-23 Change %
Nitrogen 213 262 -18.7%
Phosphate 29 48 -40.0%
Potash 2.7 1.7 +54.0%
Total 244 312 -21.6%

Amount in,000 Tons

Cumulatively, nutrient offtake during Kharif 2024 (April-May) was 488,000 tons, which decreased by 14.6% over Kharif 2023.

Nitrogen offtake decreased by 17.5% while phosphate and potash offtake increased by 1.1 and 17.8%, respectively

Urea, DAP

Product-wise, Urea offtake during May 2024 was 400,000 tons, which fell by 12.9% over May 2023.

DAP offtake was 41,000 tons, 38.6% lower than in May last year.

Cumulatively, urea offtake during Kharif 2024 (April-May) remained at 728,000 tons (16.1% less than Kharif 2023) whereas DAP offtake was 133,000 tons (14.1% higher than Kharif 2023).

  May-24 May-23 Change %
Urea 400 459 -12.9%
DAP 41 66 -38.6%

Amount in,000 Tons

Supply/Demand Situation

Total urea availability during May 2024 was 830,000 tons, which comprised 368,000 tons of previous month leftover and 462,000 tons domestic production.

Urea offtake during May 2024 was 400,000 tons, leaving a closing balance of 425,000 tons.

Total availability of DAP during May 2024 was 259,000 tons, which included 117,000 tons stock of previous month, 63,000 tons of imported supply and 79,000 tons domestic production.

Its offtake was 41,000 tons leaving closing balance of 219,000 tons

Domestic prices

Prices of all fertilizers product decreased while that of urea (other) increased during May 2024.

Price of urea (sona) and CAN decreased slightly by 0.9 and 0.1%, respectively whereas price of urea (other) increased by 1.5% during May 2024 compared with previous month.

The prices of DAP, SSP, NP, SOP, and various grades of NPKs decreased by 5.1, 2.7, 1.9, 0.8, and 0.6%, respectively over April, 2024.

The average price of urea (sona), urea (other), and DAP was Rs4,840, Rs4,700, and Rs11,553 per 50 kg bag, respectively.

International prices

Rising trend in Urea prices in both China and Arabian Gulf was observed during May 2024.

Urea prices were quoted as $312-337 and $268-315 per tonne FOB bulk for China and Arabian Gulf, respectively.

DAP prices were in the range of $478-568 per tonne FOB bulk in Australia and $500-526 per tonne FOB in China.

MAP and TSP bulk prices were $528-550 and $395-420 per tonne FOB, respectively.

Ex-Karachi price of imported urea ranged between Rs5,866 and 6,258 per 50 kg bag, while price of imported DAP (China) was in the range of Rs9,430 to 9,865 per 50 kg bag.

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Posted on: 2024-06-14T12:00:45+05:00