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 July 2025 is expected to clock in at 608k tons, down 1% YoY compared to 612k tons in Jul 2024 mainly due to poor farm economics and monsoon season. While on MoM basis, urea sales has fallen 19% amidst end of Rabi season.</li><li>This will take 7M2025 Urea offtake to 2.96mn tons, down 19% YoY compared to 3.65mn tons in 7M2024, mainly due to weak farm economics as mentioned above.</li><li>The closing inventory of urea is expected around 1.28mn tons in Jul 2025, down from 1.32mn tons in Jun 2025.</li></ul>

Pakistan Urea sales in July 2025 is expected to clock in at 608k tons, down 1% YoY compared to 612k tons in Jul 2024 mainly due to poor farm economics and monsoon season. While on MoM basis, urea sales has fallen 19% amidst end of Rabi season.This will take 7M2025 Urea offtake to 2.96mn tons, down 19% YoY compared to 3.65mn tons in 7M2024, mainly due to weak farm economics as mentioned above.The closing inventory of urea is expected around 1.28mn tons in Jul 2025, down from 1.32mn tons in Jun 2025.

Pakistan Fertilizers: Urea sales for Jul 2025 up 4% MoM and down 19% YoY; Inventory at 1.28mn tons