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Fertilizer offtake surges by 2.07x YoY in August’23

Fertilizer offtake climbs by 26% YoY in September’23
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September 15, 2023 (MLN): The country’s overall nutrient offtake surged by 2.07x YoY to 624,000 tons during August 2023 as compared to an offtake of 301,000 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, Phosphate, and potash offtake increased by 51.7%, 10.98x, and 11.31x YoY respectively.

  Aug-22 Aug-23 Change in %
Nitrogen 283 430 52%
Phosphate 17 186 985%
Potash 0.7 7.8 1028%
Total 301 624 107%

Amount in Thousand Tons

Cumulative nutrient offtake during Kharif 2023 (April-August) was 2,066,000 tons, which increased by 20.2% over the same timeframe of Kharif 2022.

Nitrogen, phosphate, and potash offtake increased by 12%, 64%, and 38% YoY, respectively.

Urea, DAP

Product-wise, Urea's offtake during August 2023 was 650,000 ton, which increased by 17.7% YoY. DAP offtake was 263,000 tons, 9x higher than August last year which may be attributed to historically low offtake in August 2022 due to floods and extraordinary high prices.

  Aug-22 Aug-23 Change in %
Urea 552 650 18%
DAP 26 263 911%

Amount in Thousand Tons

Urea and DAP offtake was 2,757,000 and 650,000 tons which increased by 4.9% and 51.9%, respectively over same time frame of Kharif 2022.

Total urea availability during August 2023 was about 739,000 tons, which comprised 175,000 tons of the previous month's leftover and 563,000 tons of domestic production.

Urea offtake during August 2023 was 650,000 tonnes, leaving a closing balance of 87 thousand tonnes for September 2023

While the total availability of DAP during August 2023 was 306,000 tons, which included 237,000 tons of stock from the previous month, 400 tons of imported supply, and domestic production of 68,000 tons. DAP offtake was 263,000 tons. The closing balance worked out to be 40,000 tons.

Domestic prices

Prices of all fertilizers increased during August 2023 as compared with the previous month. The average price of urea (sona), urea (other), and DAP increased by 9.2%, 8.3%, and 15.3% YoY, respectively

International prices

An increasing trend in prices of almost all fertilizers in the international market was noted during August 2023.

Urea prices were quoted as $370-395 and $350-410 per ton FOB bulk for China and the Arabian Gulf, respectively.

DAP prices were in the range of $470-659 per ton FOB bulk in Australia and $465-575 per ton FOB in China.

MAP and TSP bulk prices were $463-500 and $394-450 per ton FOB, respectively.

Ex-Karachi price of imported urea ranged between Rs6,794 and 7,788 per 50 kg bag, while the price of imported DAP was in the range of Rs9,097- 12,401 per 50 kg bag.

Fertilizer production and imported supplies

Total domestic fertilizer production during August 2023 was 784,000 tons.

Urea and DAP production were 563,000 and 68,000 tons, respectively.

Production of other products i.e. NP, CAN, SSP, and SOP were 72,000, 75,000, 4,1,00, and 1,200 tons, respectively.

Total imported supplies during August 2023 were 3,800 tons comprising 2,600, 700, 400, and 100 tons of Ammonium Sulphate, SOP, DAP, and MAP, respectively.

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Posted on: 2023-09-15T13:18:06+05:00