India's stocks of NP/NPK fertilizers were drawn down moderately during July, as sales quantities outstripped the combination of output and imports.
July's NP/NPK production rose by 11pc on the year to 979,800t, provisional government data show. This was coupled with an uptick in imports by 514pc on the year to 393,000t.
But the combination was still surpassed by July sales under India's direct benefit transfer (DBT) system, which rose by 43pc year-on-year to reach 1.748mn t. This comes after June sales had been up by 51pc on the year at 1.342mn t. These sales rises have been the result, at least partially, of a shortage of DAP in India.
The latest data for trade and production imply total NP/NPK stocks in India of just over 4.726mn t at the end of July, down by 7pc on the month and 5pc on the year.
Domestic NP/NPK production in April-July — the first four months of India's 2024-25 financial year — reached almost 3.491mn t, up by 5pc on the corresponding period of 2023-24.
April-July DBT sales were up by 42pc on the year at 3.934mn t, the data show.
Imports over the four-month period amounted to 1.036mn t, up by 9pc on the year.
