India Urea DAP Stock levels improved through November, supported by strong imports and healthy domestic output, even as peak-season demand continued to absorb volumes across major nutrients.
Urea stock position improves
India held 7.1mn t of urea at the start of December, slightly below last year’s 7.3mn t but comfortably higher than levels seen during mid-2025. Stocks rose by a net 260,000t in November, driven by domestic production of 2.62mn t and imports of 1.39mn t, which together outpaced robust sales of 3.75mn t — one of the highest November offtake totals on record.
Imports have remained a key supply pillar. India purchased 7.8mn t of urea across six tenders from June–November, helping replenish inventories from the low of 3.5mn t in August and supporting global prices through much of 2025.
DAP inventory slides but remains secure
High application-season demand pulled India DAP inventories down to 2.16mn t in December, from 2.31mn t a month earlier. However, heavy replenishment protected stocks from sharper erosion — imports in November surged to 1.16mn t, the highest in more than three years and double the 2020-24 November average.
DAP sales reached 1.54mn t during November, slightly below the five-year seasonal average but still significant during peak field usage. With 403,000t already lined up for December, plus stable production and normal offtake trends, year-end DAP inventories are projected near 1.96mn t, well above last year’s depleted position.
TSP stocks also increased, rising 146,000t in November to 541,000t, boosted by 232,000t of imports, with another 109,000t scheduled under OCP’s final delivery lot.
