Off-take Declines on Account of Ending Rabi Season
According to National Fertilizer Development Center (NFDC), total fertilizer off-take recorded a decline of 20% MoM in February. On a YoY basis, however, off-take improved by 28.43%. While domestic Urea off-take recorded a 31.4% growth on YoY basis, exports were unable to impress as the industry left the previously allowed Urea export quota mostly un-utilized. Further, DAP off-take recorded an increase on both YoY and MoM basis. On the production side, Urea production was recorded on lower side as compared to previous month mostly due to FFC. However, DAP’s production almost doubled during the month as a result of restart of production by FFBL. On the inventory side, Urea and DAP inventory recorded a slight increase, which is not problematic as inventory levels were already quite low.
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