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 Sep 2025 is expected to clock in at 428k tons, up by 17% YoY amid low base effect while down by 48% MoM due to pre-buying trend observed in Aug-25.</li><li>This will take 9M2025 Urea offtake to 4.20mn tons, down 8% YoY compared to 4.57mn tons in 9M2024, mainly due to weak farm economics.</li><li>The closing inventory of urea is expected to be around 1.17mn tons in Sep 2025, up from 1.03mn tons in Aug 2025.</li></ul>

Pakistan Urea sales in Sep 2025 is expected to clock in at 428k tons, up by 17% YoY amid low base effect while down by 48% MoM due to pre-buying trend observed in Aug-25.This will take 9M2025 Urea offtake to 4.20mn tons, down 8% YoY compared to 4.57mn tons in 9M2024, mainly due to weak farm economics.The closing inventory of urea is expected to be around 1.17mn tons in Sep 2025, up from 1.03mn tons in Aug 2025.

Pakistan Fertilizers: Urea Sales For Sep 2025 Up 17% YoY And Down 48% MoM; Inventory At 1.17mn Tons