Government: "Urea Solution Production Exceeds Japan's Daily Consumption... No Issues Until February Next Year"

Lee Ok-won, Vice Minister of Strategy and Finance, is presiding over the "16th Joint Government Response Meeting on Urea Solution Supply" held at the Government Seoul Office Building on the 24th. 2021.11.24
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Sunhee] The government announced on the 24th that the domestic production volume of urea solution significantly exceeds the average daily consumption volume (about 600,000 liters), indicating that the supply and demand situation is continuously stabilizing.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, held the 16th inter-ministerial joint response meeting on urea solution supply and demand at the Government Seoul Office and reviewed the current supply and demand status of urea solution.

According to the government, the daily production volume of the five major domestic urea solution manufacturers was recorded at 790,000 liters the day before. Although it temporarily decreased to 580,000 liters on the 20th, it exceeded the average daily consumption volume for two consecutive days, producing 910,000 liters on the 22nd.

Vice Minister Lee stated, "Even for the 100 or so key distribution gas stations, the volume of incoming and sales has recovered to last week's level, operating stably," and added, "Other gas stations besides the key distribution ones are also being supplied with a considerable amount of volume stably."

As of the day before, the incoming volume of urea solution at about 100 base gas stations was 179,000 liters, and sales volume was 224,000 liters, showing a slight shortage in incoming volume. Other gas stations had an incoming volume of 340,000 liters and sales volume of 210,000 liters.

Regarding the import volume from China, Vice Minister Lee said, "We are making all-out efforts in collaboration with domestic and foreign export-import companies, customs, and others through Chinese regional diplomatic missions and the Ministry of Industry's supply support center."

Efforts are also ongoing to secure volume through third countries. Negotiations are underway to import 10,000 tons of urea from Indonesia within this year.

Vice Minister Lee said, "It has been confirmed that about 16,000 tons of automotive urea will be introduced domestically from overseas, including China, by early December," and added, "Including the domestic stock of finished urea solution products (about 4 million liters, 6.7 days' worth), it is finally confirmed that the volume to be introduced by early December and the domestic stock alone will secure sufficient usage until February next year, so there should be no short-term supply issues with urea solution."

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