External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>Pakistan urea sales in Apr 2026 is expected to clock in at 463k tons, up by 85% YoY and down by 18% MoM. The MoM decline is due to the channel fillings, wherein, the dealers aggressively built-up positions to lock in preferential pricing and seasonal discounts before their expiration.</li><li>During the month of Apr 2026, the discounts were waived and companies increased the urea bag prices by Rs100/bag followed by the surge in international oil prices volatility. To recall, this becomes the first price increase after almost two years.</li><li>Moreover, the closing inventory of urea is expected to be around 0.83mn tons in Apr 2026.</li></ul>

Pakistan urea sales in Apr 2026 is expected to clock in at 463k tons, up by 85% YoY and down by 18% MoM. The MoM decline is due to the channel fillings, wherein, the dealers aggressively built-up positions to lock in preferential pricing and seasonal discounts before their expiration.During the month of Apr 2026, the discounts were waived and companies increased the urea bag prices by Rs100/bag followed by the surge in international oil prices volatility. To recall, this becomes the first price increase after almost two years.Moreover, the closing inventory of urea is expected to be around 0.83mn tons in Apr 2026.

Pakistan Fertilizers: Urea Sales for Apr 2026 Expected at 463k Tons; Inventory at 0.83mn Tons