External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Chemicals / Thematic (Sector/Industry)

<ul>
<li>Pakistan's urea sales in Aug 2026 are expected to decline 14% YoY but up 21% MoM, with volumes of 702k tons.</li>
<li>We believe the YoY decline is due to heavy monsoon rains, which delayed Kharif application, compared to the Aug 2025 base, which was relatively strong.</li>
<li>Industry urea inventory is likely to clock in at 0.75mn tons in Aug-2026 vs 0.93mn in Jul-2026.</li>
</ul>


Pakistan's urea sales in Aug 2026 are expected to decline 14% YoY but up 21% MoM, with volumes of 702k tons.
We believe the YoY decline is due to heavy monsoon rains, which delayed Kharif application, compared to the Aug 2025 base, which was relatively strong.
Industry urea inventory is likely to clock in at 0.75mn tons in Aug-2026 vs 0.93mn in Jul-2026.


Pakistan Fertilizers: Urea Sales for Aug 2026 Expected at 702k Tons, Down 14% YoY