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 solution, introduced in March, will expire at the end of this month.

Restrictions imposed on medical syringes and needles, which have been in place since April, will also be lifted, the ministry added.

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

Under the bans, companies were prohibited from holding inventories exceeding 200 percent of their average monthly sales last year for seven days or longer for urea products and five days for medical supplies.

“With domestic supplies remaining stable and no signs of hoarding or disruption to market order, the government will seek to end the hoarding ban,” the ministry said.

“Even after the ban expires, the government will continue to monitor supply conditions, including inventories and prices, and promptly review countermeasures should any concerns over supply disruptions arise,” it added.