<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Domestic fertilizer industry is experiencing a decline in offtake
since last few months, with urea sales falling by ~54% YoY in
1QCY25. The drop is largely attributed to weak agronomics
caused by government’s decision to abolish support prices for
wheat, which has severely dented farmer’s pocket. As a result,
industry’s inventory levels have surged, reaching a four-year
high. A similar trend was observed during 2016–2017, when
urea sales dropped and inventory level reached record highs.
At that time, poor farm economics were driven by several
factors, including lower crop yields, weak commodity prices,
uncertainty around urea pricing, crop damage from flooding,
and increased fertilizer production amid improved gas
av...
