Economy & Markets
2 min read
December Sees Record Drop in India's Urea Stocks
Argus Media
January 19, 2026•3 days ago
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India's urea stocks decreased by 2.24 million tonnes in December, reaching the second-largest monthly fall on record. This decline was driven by an all-time high in domestic urea sales, which reached 5.76 million tonnes. Production and imports were insufficient to offset these sales, leading to a significant drawdown in inventory levels.
India's urea inventories dropped by 2.24mn t on the month in December, marking the second-highest month-on-month fall on record after domestic urea sales hit an all-time high of 5.76mn t, government data show.
The latest sales data are in line with provisional figures released earlier this month. Higher sales outweighed production of 2.69mn t and imports of 826,000t, resulting in a 2.24mn t reduction in urea stocks — the highest drawdown since July 2020. Stocks ended the year at 5.3mn t, down from 6.3mn t in mid-December and 7.1mn t at the start of the month, according to Argus estimates.
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