LAHORE - The urea off-take for September 2017 recorded a decline of 83 percent on monthly basis and 46 percent on annually basis to clock in at 160,000 tons (excluding exports). The decline can be attributed to high base effect where Aug 2017 off-take was unusually high given heavy price discounts offered across the board.

Overall in 3Q17, urea off-take clocked in at 1.45m tons which is 8% higher than 5-year average of 1.3m tons during the period under review. Interestingly, this time around 89% of the total quarterly off-take was witnessed in July-Aug period compared to 5-year average of 75%.

Exports during the month remained dismal recording a dip of 63% MoM to 43,000 tons, despite significant 25% MoM rise in int’l urea prices. However, a lagged impact of increased exports can be witnessed in Oct 2017 as invoices are being recorded. DAP off-take, on the other hand, surged significantly to 375,000 tons mainly due to lower off-take during Aug 2017 unlike urea sales.