Thursday, 28th September 2023

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Will the urea crisis recur? “China suspends some urea exports”

You may remember the urea crisis that occurred in 2021. At that time, some trucks stopped because they did not have urea water, and at gas stations, there were long lines of people waiting to get urea water.

There are concerns that the urea water shortage could occur again. Let’s take a look at the screen together to see what it says.

This is a Bloomberg News report. It was reported that some large Chinese fertilizer companies have not signed new urea export contracts since the beginning of this month due to instructions from the Chinese government. In short, the Chinese government ordered토토사이트 its fertilizer companies to stop exporting urea.

The reason these reports are gaining weight is because urea prices in China have recently risen sharply.

The price of urea futures, which was 1,649 yuan last June, rose about 43% to 2,356 yuan on the 1st of this month.

There is analysis that China is trying to limit exports and maintain domestic inventory in order to stabilize the price of this element.

Korea imports 89.3% of urea from China, so concerns are bound to increase.

I can’t help but think of the time in 2021 when logistics were disrupted due to a shortage of essential elements for trucks.

Most of the fertilizers used in our farms are made from Chinese urea. There are even concerns that if the price of biryot rises, it could encourage inflation.

Of course, as we have already experienced a shortage of urea water once, there is some analysis that companies have already diversified their import sources, and a crisis like the one in 2021 will not occur anymore.

However, if elements made in China, the world’s largest exporter, do not appear in the export market, international prices will inevitably rise, and in this case, it seems inevitable that there will be some impact domestically.

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