The official fertilizer statistics for the month of Nov’18 released by NFDC, depict that, Urea sales have declined 17% Y/Y main-ly due to the early stock build-up from distributors because of increasing price trend. However, production of Urea in the month under review is at 528Kt after showing an increase of 26% Y/Y (↓6% M/M). Cumulative Urea offtake for 11MCY18 stayed intact at 5.1Mt as compared to SPLY.
On the other hand, DAP numbers are failing to impress and offtake has registered a deterioration of 47% Y/Y (↓49% M/M). Cumulatively, DAP offtake is at 2.0Mt after showing a cut of 8% against the offtake of 2.2Mt during SPLY. However, local pro-duction of DAP during the month under review was 66Kt (↓8% Y/Y, 19% M/M).