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 South Korea will lift hoarding bans on urea, urea solution, medical syringes, and needles, according to a statement made by the Ministry of Finance and Economy on Wednesday. This decision comes after supply concerns due to the ongoing conflict in the Middle East, and comes with the assurance of stable inventories and supplies.
The ban on urea and urea solution, which was introduced in March, is set to end at the end of the current month. Additionally, restrictions on medical syringes and needles, imposed since April, will also be lifted.
Urea plays a crucial role in curbing emissions in diesel vehicles and in the production of agricultural fertilizers. The hoarding bans imposed in March and April restricted companies from holding inventories exceeding 200 percent of their average monthly sales last year for urea products over a period of seven days or more, and for medical supplies over five days.
The government has determined that the domestic supply situation remains stable, with no signs of hoarding or disruptions to the market order, thus prompting the decision to end the hoarding ban.
Even after the expiration of the ban, the government will continue to monitor the situation closely.
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.
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