Fauji Fertilizer Bin Qasim Limited (FFBL) has increased di-ammonium phosphate (DAP) prices by Rs50 to Rs2,670 per bag, JS Research reported on Tuesday.
The price increase will be effective from November 15. Other players in the industry have also increased DAP prices and revised average prices now stand at Rs2,630 per bag. Fauji Fertilizer Company will also sell DAP at the same rate.
Earlier, Engro Fertilizers increased its DAP prices by Rs50 per bag and Rs180 per bag on November 1 and November 14, respectively.
Alfalah Securities reported that the company now planned to increase DAP prices by Rs80 per bag with effect from November 25.
Analysts say the recent increase in DAP prices in the local market was reflective of the enhanced fertiliser demand and increase in international fertiliser prices.
According to provisional data, urea off-take in October 2017 crossed 600,000 tons (including 150,000 tons of exports). Consequently, urea inventory fell to 500,000 tons by the end of the month.
Analysts expect urea inventory to be fully exhausted by the end of calendar year 2017 considering higher demand during the rest of the period. However, urea production is expected to remain on the lower side due to closure of liquefied natural gas (LNG)-based plants.
COURTESY BY: https://tribune.com