
South Korea will extend its tariff-rate quota on urea and ammonium phosphate through the end of 2024. The quota was due to expire this year.
The move responds to supply risks from China's export restrictions, which have suspended customs procedures for urea shipments to Korea since late November.
Lower duties on imports from Indonesia and Saudi Arabia help Korea source urea elsewhere, which limits the price impact of China's curbs in that market.
After 26 past neutral policy events, Urea moved a median -1.0% over 5 sessions (27% higher; middle half -4.1% to +0.6%), and -2.5% over 20.
After 29 past neutral policy events, DAP moved a median +0.2% over 5 sessions (55% higher; middle half -0.4% to +1.3%), and +1.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.