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 Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.</li><li>The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.</li><li>Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.</li></ul>

Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers.The closing inventory of urea is expected to be around 1.05mn tons in Nov 2025, down from 1.42mn tons in Oct 2025.Going forward, we expect urea sales to remain robust in Dec 2025 as well amidst seasonality.

Pakistan Fertilizers: Urea Sales For Nov 2025 Surged 133% MoM And 25% YoY; Inventory At 1.05mn Tons