South Korean police to investigate firms suspected of hoarding medical syringes as middle East war hits supplies

Reporter: Rita Onyekwe

South Korean police said they were investigating firms suspected of hoarding medical syringes, as the Middle East war hits supplies of an oil-derived component crucial for making many plastic goods.
The US-Israeli strikes on Iran and the virtual closure of the Strait of Hormuz have rattled deliveries of naphtha, a liquid essential for making a key ingredient in many medical supplies.

The disruption has particularly affected petrochemical sectors in Asia and forced governments to take action, with South Korea imposing a ban this month on hoarding syringes and needles to guard against shortages.
The agency vowed to strengthen inspections across the supply chain to crack down on illicit behaviour.

Under the ban, companies must not hold more than 150 percent of last year’s average monthly sales volume in syringes and needles for five days or longer, or refuse sales without a valid reason.

According to the ministry, some firms appear to be exploiting the supply crunch by stockpiling syringes and selling them at higher prices.

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