Urea sales for February 2023 was reported at 502,800 tons, down by 20%MoM as the Rabi sowing season drew to a close. Urea offtakes also witness seasonal decline in line with historical pattern.
Offtake for 2MCY23 was reported at 1.1 million tons, down a paltry 3%YoY when compared to the 1.2 million tons recorded for the same period last year.
Urea offtakes for FFC declined by 7%MoM to 200,700 tons in February 2023, posting a decline of 5%YoY. EFERT has seen a 13%MoM decline, while witnessing a 10%YoY increase with 186,700 tons sold.
DAP sales recorded relative stability in February 2023, remaining flat on MoM basis despite the average prices of the nutrient increasing in the month. After posting 97,600 sales, DAP offtakes witnessed an increase of 76%YoY.
Going forward, analysts expect urea offtakes to decline further in the coming months as the Rabi harvesting season begins. DAP sales should remain relatively stable in next few months owing to the already dampened demand the nutrient is seeing, while a slight uptick can be seen when the Kharif sowing season peaks in June/July.