Korea extends urea, medical supply hoarding bans through October

Bans on hoarding urea, urea solution, medical syringes and needles will be extended for two months amid lingering concerns over supply disruptions, the Finance Ministry said Thursday.

In an emergency ministerial-level meeting, the government decided to extend the ban on hoarding until Oct. 31, while easing stockpiling restrictions as China has recently relaxed its tight control on urea exports, according to the Ministry of Finance and Economy.

Under the revised measure, importers, manufacturers and sellers will be prohibited from holding more than 200 percent of their monthly average sales from last year for more than seven days, up from the current limit of 150 percent.

Urea is used to curb emissions in diesel cars and make agricultural fertilizers.

The ban was first imposed in March as Beijing halted most fertilizer and urea shipments overseas.

A separate ban on hoarding medical syringes and needles will also remain in effect until the end of October, the ministry said.

Under the measure, medical product companies are prohibited from stockpiling more than 200 percent of their monthly sales recorded last year.

The measure, first imposed in April, was aimed at easing supply disruptions as military tensions between the United States and Iran drove up petrochemical prices.

Yonhap