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Fertilizer offtake climbs by 24.8% YoY in October’23

Fertilizer offtake climbs by 24.8% YoY in October’23

November 14, 2023 (MLN): The country’s overall nutrient offtake surged by 24.8% YoY to 349,000 tons during October 2023 as compared to an offtake of 280,000 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 11%, 97%, and 62% YoY respectively.

  Oct-22 Oct-23 Change in %
Nitrogen 235 261 11%
Phosphate 44 86 97%
Potash 1.6 2.6 62%
Total 280 349 24.8%

Amount in,000 Tons

Urea, DAP

Product-wise, Urea offtake during October 2023 was 459,000 tons, which increased by 6.8% over October 2022.

DAP offtake was 159,000 tons, 2.22x higher than in October last year. DAP offtake seems extraordinarily high due to record low offtake in October 2022 because of the occurrence of floods

  Oct-22 Oct-23 Change in %
Urea 430 459 6.8%
DAP 71 159 122%

Amount in,000 Tons

Fertilizer production and imported supplies

Total domestic fertilizer production during October 2023 was 781,000 tons.

Urea and DAP production were 537,000 and 72,000 tons, respectively.

Production of other products i.e. CAN, NP, SSP, SOP, and NPKs were 80, 77, 11.4, 1.2, and 3,000 tons, respectively.

Total imported supplies were 179.9,000 tons comprising 172, 2.0, 3.6, 2.0 and 0.3,000 tons of DAP, Ammonium Sulphate, MOP, SOP and MAP, respectively

Supply/Demand Situation

Total urea availability during October 2023 was 614,000 tons, which comprised 77,000 tons of the previous month’s leftover and 537,000 tons of domestic production.

Urea offtake during October 2023 was 459,000 tons, leaving a closing balance of 156,000 tons.

While the total availability of DAP during October 2023 was 282,000 tons, which included 38,000 tons of stock from the previous month, 172,000 tons of imported supply, and 72,000 tons of domestic production.

Its offtake was 159,000 tons leaving a closing balance of 122,000 tons.

Domestic prices

The price of Urea (other), CAN, DAP, and NP increased by 0.3, 0.6, 1.1, and 1.9%, respectively during October 2023 as compared with the previous month.

On the other hand, the price of Urea (sona), SSP (G), SOP, and NPKs decreased by 0.7, 0.9, 1.0, and 1.5%, respectively over September 2023.

The average price of urea (sona), urea (other), and DAP was Rs3,786, Rs3,707, and Rs12,183 per 50 kg bag, respectively.

International prices

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

Urea prices were quoted as $365-380 and $380-420 per tonne FOB bulk for China and the Arabian Gulf, respectively.

DAP prices were in the range of $559-672 per tonne FOB bulk in Australia and US$ 575-585 per tonne FOB in China.

MAP and TSP bulk prices were $510-524 and $367-455 per tonne FOB, respectively.

ExKarachi price of imported urea ranged between Rs6,744 and 7,613 per 50 kg bag, while the price of imported DAP was in the range of Rs10,217 to 12,035 per 50 kg bag

Copyright Mettis Link News

Posted on: 2023-11-14T11:46:33+05:00