Ministry of Economy and Finance Forecasts 7-Month Increase in Vehicle Urea Solution Stock

The government expects the domestic stock of automotive urea solution to exceed a seven-month supply. This follows the Public Procurement Service's contract signed on the 22nd to add 6,000 tons of public reserves with domestic urea solution manufacturers.

On the 22nd, the Ministry of Economy and Finance held the "Economic Security Core Items Task Force (TF) General Meeting" at the government Seoul office, chaired by Deputy Minister Hong Du-seon, to review recent supply chain risk items such as automotive urea, graphite, and gallium-germanium, and to discuss response measures.

As of that day, the domestic stock and incoming supply amounted to 6.6 months. However, with the Public Procurement Service's additional contract to secure 6,000 tons (equivalent to one month's supply) of public reserves from domestic urea solution manufacturers, the total volume is expected to exceed a seven-month supply. Domestic urea solution manufacturers are also expected to soon sign contracts with alternative suppliers from third countries.

Since the 19th, the Public Procurement Service has been releasing 1,930 tons of automotive urea public reserve stocks to small and medium-sized urea solution manufacturers. According to Opinet, which discloses urea solution sales information, 3,353 out of 3,443 gas stations (97.4%) are selling urea solution normally. Sales of urea solution at gas stations and large supermarkets have decreased compared to the previous week.