<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan’s total urea sales for the month of June 2017 are
expected to reach around 1.1mn tons, up by 83% YoY / 107% MoM, according to our
channel checks. We believe the abnormal uptick in June stemmed from the
impending change in the cash subsidy, which is being reduced from Rs156/bag to
Rs100/bag as per print media.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">It is likely that dealers stocked up ahead of the potential
price rise, which could be around Rs56/bag – the amount by which the cash
subsidy is being reduced. Further, it is likely that manufacturers pushed sales
to capitalize on the last month of higher subsidy. While some dealers may
already be hiking prices, manufacturers are still awa...
