Government to Ban Hoarding of Vehicle Urea Solution... "Joint Task Force to Operate"

[Sejong=Asia Economy Reporter Son Seon-hee] Amid the shortage of vehicle urea solution caused by China, the government plans to prohibit 'hoarding practices' that exploit this situation.

Lee Eok-won, the 1st Vice Minister of the Ministry of Economy and Finance, presided over the macroeconomic and financial meeting at the Bankers Hall in Jung-gu, Seoul, on the morning of the 4th, stating, "We will urgently proceed with the related procedures and establish and implement a public notice based on the Price Stabilization Act next week to prohibit hoarding practices of vehicle urea solution."

He also warned, "We will immediately set up a hoarding practice reporting center at the Ministry of Environment and local environmental offices, and operate a joint crackdown team composed of related ministries such as the Ministry of Environment, the Fair Trade Commission, the National Tax Service, and the Customs Service to strictly respond to hoarding practices."

Regarding the background of the supply disruption of vehicle urea solution, he explained, "Recently, China has effectively halted imports of Chinese-made urea since the 15th of last month by mandating 'pre-export product inspections' for urea, citing reasons such as rising coal prices and power shortages."

Vice Minister Lee added, "We will closely monitor the supply and demand trends of urea through joint efforts of related ministries and take all necessary measures to ensure stable supply of urea solution, including resuming exports through consultations with China, converting industrial urea for vehicle use, import substitution, and customs clearance support."

This content was produced with the assistance of AI translation services.