Urea offtake rises by 40% YoY in November owing to lower prices in domestic market

MG News | December 22, 2020 at 05:46 PM GMT+05:00

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December 22, 2020 (MLN): The overall urea offtake during the month of November 2020 was 533 thousand tonnes, showing an increase of 40 percent as compared to the same period of last year. Main reason for increase in urea offtake was the decrease in its prices in local market.

Total urea availability during November 2020 was about 1187 thousand tonnes, which comprised 672 thousand tonnes of previous month left over and 515 thousand tonnes domestic production. Urea offtake during November 2020 was 533 thousand tonnes. The closing balance was 668 thousand tonnes.

Moreover, Urea offtake increased in Punjab, Sindh, KP and Balochistan by 39, 49, 37 and 13 percent, respectively during November 2020 over November 2019.

During first two months of the current Rabi 2020-21 (Oct-Nov), urea offtake increased by 88.5 percent. Actually, this high increase in offtake of urea is attributed to decrease in its prices and very low offtake during same time frame of last year (2019) due to uncertainty in the market about waiving off Gas Infrastructure Development Cess (GIDC).

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