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Pakistani DAP stocks slip in April

  • Spanish Market: Fertilizers
  • 18/05/26

A lack of imports saw domestic sales erode Pakistani DAP stocks in April. But affordability for buyers and suppliers conserving stocks is putting offtake under pressure.

Pakistan began May with 203,000t of DAP in stock, down by 11,000t from the start of April, according to the National Fertilizer Development Centre.

Pakistan did not import any DAP last month, while domestic production was typical, at 74,000t.

Domestic offtake almost halved to 85,000t, compared with March. But cumulative sales of 376,000t in January-April remain ahead of previous years, outpacing the average for January-April in 2023-25 by around 51,000t.

Pakistani farmers and retailers anticipated that the globally bullish trend in DAP prices, primarily driven by the war in the Middle East, will eventually be felt in the domestic market and bolstered their stocks accordingly.

Pakistan is now in its typical off-season, but the drop in offtake last month also reflects importers conserving their stocks and domestic prices testing farmers' affordability. Distributors expect DAP offtake to remain under pressure, seeing farmers prioritise nitrogen and potentially looking to other sources of phosphate, such as SSP and NPs.

Prices for DAP from warehouses at Karachi have risen by 1,581 rupees/50kg bag — equivalent to around $114/t at current exchange rates — at the midpoint since the start of 2026.

The latest stock total is in line with DAP inventories at the end of April 2025. But this is the third consecutive monthly fall in stocks. National DAP stocks had been growing since the beginning of January at the end of April last year and went on to grow for another three months.

No DAP is lined up to arrive this month. But importers have lined up 60,000t of DAP, likely to arrive in June. This includes 20,000t of Moroccan DAP and 40,000t of Saudi Arabian DAP.

May-June offtake in 2023-25 averaged 201,000t. If no more DAP imports are lined up, and if domestic offtake and production remain typical, national stocks are likely to remain largely unchanged by the end of June. If DAP stocks wither as distributors forecast, this could allow stocks to recover slightly.


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