Indian urea inventories fell by 2.46mn t last month, marking the steepest monthly drawdown in stocks on Argus's record.
The country's urea sales rocketed to 5.4mn t in July, setting a fresh sales record for any month, in line with provisional data which emerged in the first week of August. The surge in sales outstripped combined production of 2.57mn t and imports of 407,000t.
The stock drawdown in July was greater than the cut of 2.32mn t in July 2020. Argus estimates India's urea inventories ended July at around 4.3mn t, compared with 8.7mn t at the end of the month last year.
A strong start to the monsoon rain period and tight supply of DAP have encouraged Indian urea sales. Urea offtake typically peaks in July-August for the summer Kharif season.
