Karachi: In July 2024, the urea off-take in Pakistan's fertilizer market is expected to show a mixed performance with a slight year-over-year decline but significant month-over-month growth, largely propelled by leading manufacturers EFERT and FATIMA, as per new data.
According to JS Global, urea sales are set to total 611K tons in July, marking a 3% decrease compared to the same month last year but a 27% increase from June 2024. This growth is attributed mainly to EFERT, whose sales surged by 59% month-over-month following the resumption of production at its Enven plant on June 18, 2024. FATIMA also reported a significant increase, doubling its sales from the previous month. Conversely, FFC's urea off-take is expected to remain relatively stable with only minor fluctuations.
The report further details that cumulatively, from January to July 2024, urea off-take is projected to reach 3.6 million tons, representing a 2% decrease from the same period in 2023. Meanwhile, DAP (Diammonium Phosphate) sales are forecasted to increase, with a 43% rise year-over-year and a 27% growth month-over-month in July, indicating a potentially stronger performance in this segment of the market.