Sunday, November 28

Export controls on China’s soaring fertilizer prices… Confused every time I bolt it

This situation started when China banned the export of raw materials for urea water to other countries. Korea, which relied mostly on imports from China, was hit directly by that, and when the situation became so serious, the Blue House also formed a separate team to respond.

Correspondent Song Wook will tell you when this will be resolved, the local atmosphere in China.

Fertilizer sales shop outside Beijing city.

I asked if I could buy urea fertilizer.

The owner says there is a lot, but the price has gone up a lot.

[비료 판매상 : 올해는 다 비싸요. 비료 가격이 다 올랐어요. 원료 가격이 올랐기 때문이잖아요.]

Currently, the price of urea in China is about 3,000 yuan per ton, or about 550,000 Korean won, which is more than 50% higher than at the beginning of this year, when it was less than 2,000 yuan.

China’s urea production fell year-on-year as coal, a raw material, suffered a supply-demand crisis.

However, as exports surged due to a rise in international fertilizer prices, which led to an increase in the price of urea fertilizer and a shortage of inventories, the Chinese government implemented quality inspections to control fertilizer exports.

Earlier, in September, China temporarily halted the operation of magnesium factories, which are used in aluminum alloys, due to power shortages.

Due to the shutdown of factories in China, which accounts for more than 85% of the world’s magnesium production, the price once soared more than fourfold, and there were even rumors of a crisis for European automakers that use a lot of aluminum.

Although the measures are based on the domestic situation, the global raw material market is in turmoil due to China’s countermeasures against super-precipitation.

Whether China loosens any urea export controls seems likely to become clear next week.

[김부겸/국무총리 : 검역을 위해 부두까지 나와 있는 물품이 있는 것 같습니다. 우선 그것 통관부터 중국 측에 요청했고요.]

Amid growing criticism that the government’s response was delayed, the Blue House started operating a pan-government task force to respond to the supply and demand of urea.

(Video coverage: Choi Duk-hyun, video editing: Choi Jin-hwa, video source: Chinese Shinhwa Network)

▶ Reviewing various countermeasures for ‘sufficiency of the number of elements’… No quick solution

▶ “We sell urea in bulk”… Let’s remit 6 million won ‘slept’

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