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)

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<li>Pakistan's urea sales in Sep 2026 are expected to rise 43% YoY but down 13% MoM, with volumes of 611k tons.</li>
<li>We believe the MoM decline is primarily attributable to the seasonal impact in our view.</li>
<li>Industry urea inventory is likely to fall at 9 months low, clocking in at 0.65mn tons in Sep 2026 vs 0.75mn in Aug 2026.</li>
</ul>


Pakistan's urea sales in Sep 2026 are expected to rise 43% YoY but down 13% MoM, with volumes of 611k tons.
We believe the MoM decline is primarily attributable to the seasonal impact in our view.
Industry urea inventory is likely to fall at 9 months low, clocking in at 0.65mn tons in Sep 2026 vs 0.75mn in Aug 2026.


Pakistan Fertilizers: Urea Sales for Sep 2026 Expected at 611k Tons, up 43% YoY