Of the items for which Korea is highly dependent on China, the KITA study pinpointed magnesium ingots for automotive aluminum and tungsten oxide for chips and batteries as two for which heightened surveillance is necessary due to their industrial impact. “Considering materials for futuristic technologies are usually considered strategic materials, it remains to be seen whether urea solution could be categorized as a strategic material,” he added.
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He hinted that the launch of a government-industry task force was imminent, saying the main issue was how to identify which “strategic materials” to prioritize. “We will continue monitoring the supply chain of key materials in partnership with our members like Samsung C&T and LX International, which have global networks and sourcing know-how,” a KITA official told reporters. The supply was hit hard after China tightened exports of the material amid a trade conflict with Australia. Over the past 10 months, Korea relied on imports from China for 95.2 percent of its urea solution, a fluid used in diesel cars to cut emissions.
The Korea International Trade Association said Monday that it will bolster the monitoring of supply chains for key materials in close cooperation with government agencies and the trading units of conglomerates, amid the protracted urea solution supply crunch.Īccording to a recent study by the trade lobby, South Korea is heavily dependent on single countries for its supplies of 3,911 materials, with China making up almost half the total. KITA Chairman Koo Ja-yeol speaks at a press conference in Seoul on Monday.
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