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Engro Fertilizers' urea sales fell 43% year on year to 99,000 tonnes in October, and industry urea offtake dropped 22.2%. Industry DAP dispatches rose 66% year on year to 263,000 tonnes, driven by pre-buying ahead of the Rabi season.
Weak agronomic demand is reducing Pakistani urea offtake, while strong DAP pre-buying supports phosphate demand. Pakistan's import needs are shifting from urea toward DAP.
mettisglobal.newsMG NewsNov 2, 2024After 42 past bearish report events, Urea moved a median +0.3% over 5 sessions (57% higher; middle half -1.9% to +3.3%), and +2.9% over 20.
After 66 past bullish report events, DAP moved a median 0.0% over 5 sessions (41% higher; middle half -0.6% to +0.7%), and +0.3% over 20.
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.
