SEOUL, Sept. 14 (Yonhap) — The South Korean government has confirmed that imports of urea from China are continuing without any problems, and the nation’s supply of the material remains steady, the Ministry of Trade, Industry and Energy stated on Thursday. This statement was made in order to ease any worries of a shortage due to some exporters reducing their export volume.
The ministry held a meeting in Seoul with Lotte Fine Chemical Co., other importers, major retailers, and other related agencies, such as the Korea Trade Investment Promotion Agency. It was reported by the importers that they had signed new contracts with Chinese firms without any issues.
South Korea currently has enough urea stock to last for 70 days, and stocks for 2 and a half months are due to be imported in November in accordance with contracts. It was also mentioned that the urea supply situation in China has improved, and any further restrictions are not likely.
Although some consumers have hoarded urea solutions, causing prices to rise and supplies to run out in certain stores, this is not the same situation as in 2021, when South Korea experienced a severe urea shortage crisis due to China’s export restrictions.
Urea solution is a vital substance used in diesel vehicles to reduce emissions, and South Korea imports almost 90% of its urea for diesel vehicles and other industrial purposes from China. The proportion of Chinese urea for fertilizers, however, is only 17.4%.
An employee at a discount store in Seoul was seen checking the liquid urea on shelves on Sept. 8, 2023 (Yonhap).
A KOTRA official said, “We have secured alternative import channels, such as Southeast Asian and Middle Eastern countries, so we have a proper volume and a response system in place.”
graceoh@yna.co.kr
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