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Pakistan's urea off-take for FY20 reached just over 6 million tons, up 1 percent year-on-year, with June 2020 setting a record high for the month at 1.16 million tons. Urea prices in June fell to about Rs1632 per 50 kg bag, near a two-year low after government intervention, while DAP off-take fell 10 percent to 1.9 million tons, the lowest since FY16.
Lower urea prices and record June buying point to firm nitrogen demand in Pakistan, but weaker DAP volumes signal softer phosphate demand and a lower nutrient ratio, which is bearish for phosphate fertilizer prices in the region.
profit.pakistantoday.com.pkWeb DeskJul 30, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
