We attended DCM AGM on April 27, 2021. The AGM discussed Q1 preliminary results, the outlook for urea prices and exports, the new NPK plant, State divestment progress, and the VAT law change. Overall, management expects domestic urea prices to remain high and is confident in raising the urea plant’s utilization rate to capture domestic and export demand (if any). Also, DCM has an ambitious long-term plan in the NPK segment.