Gov't extends hoarding bans on urea, medical supplies for 2 months

The government has extended bans on hoarding urea, urea solution, medical syringes and needles for an additional two months to address ongoing supply concerns, the finance ministry announced on Thursday. During an emergency ministerial meeting, officials decided to prolong the ban until October 31, while simultaneously easing certain stockpiling restrictions. This decision comes after China recently lifted its strict controls on urea exports.

According to the revised guidelines, importers, manufacturers, and sellers will now be prohibited from holding more than 200 percent of their monthly average sales from the previous year for more than seven consecutive days, up from the current 150 percent limit. Urea, a crucial component in reducing emissions in diesel vehicles and agricultural fertilizers, was initially subject to hoarding restrictions following Beijing's halt of most fertilizer and urea shipments overseas in March.

In addition to the urea ban, a separate measure remains in place until the end of October, prohibiting medical product companies from stockpiling more than 200 percent of their monthly sales recorded last year. This restriction pertains specifically to medical syringes and needles, initially imposed in April due to rising petrochemical prices prompted by military tensions between the United States and Iran.