Gov't to lift hoarding bans on urea, medical goods as supplies stabilize
Korea will lift bans on hoarding urea, urea solution, medical syringes and needles imposed earlier this year following supply concerns stemming from the Middle East war, citing stable inventories and supplies, the finance ministry said Wednesday. The Ministry of Finance and Economy made the announcement during a meeting of economy-related ministers, saying the hoarding ban on urea and urea…
The government of Korea plans to end restrictions on hoarding urea, urea solution, medical syringes, and needles that were put in place earlier this year due to supply concerns from the Middle East war, according to the finance ministry. During a recent meeting of economy-related ministers, the ministry announced that the ban on urea and urea solution, which began in March, will end at the close of this month.
Additionally, restrictions on medical syringes and needles, which have been in effect since April, will also be lifted, the ministry added.
Urea serves various purposes, including reducing emissions in diesel vehicles and as an agricultural fertilizer. Under the previous bans, companies were not allowed to hold inventory levels exceeding 200% of their average monthly sales from the previous year for urea products for more than seven days or for medical supplies for more than five days.
Government officials stated that with domestic supplies remaining stable and no indications of hoarding or disruptions to the market order, they have decided to end the hoarding ban. Even after the ban expires, the government will continue monitoring the situation.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
