KARACHI: Urea sales fell to 351,000 tonnes in October, down 2 per cent year-on-year (YoY) and 18pc month-on-month (MoM), according to data compiled by Topline Securities.

Analyst Asad Ali said the month-on-month decline was largely due to pre-buying in earlier months. He noted that Engro Fertiliser raised its discount on urea bags to Rs320 per bag towards the end of October, while Fauji Fertiliser maintained an average discount of Rs70 per bag.

Urea offtake in the first 10 months of 2025 stood at 4.55 million tonnes, down 8pc YoY from 4.93m tonnes in the same period last year, mainly reflecting weak farm economics.

Urea inventories also rose, with closing stocks reaching 1.42m tonnes in October, compared to 1.15m tonnes in September, the report said.

Meanwhile, DAP sales for October were estimated at 140,000 tonnes, showing a 55pc YoY decline but a 44pc MoM increase owing to seasonal demand. During 10M2025, total DAP offtake stood at 936,000 tonnes, down 25pc YoY.

Closing DAP inventory reached 408,000 tonnes in October, up from 392,000 tonnes in September and 307,000 tonnes a year earlier. Mr Ali said urea inventory levels are expected to remain elevated in the near term due to ongoing weakness in the agriculture sector, though rising farm incomes are beginning to support recovery.

Published in Dawn, November 4th, 2025