The values from the Item Type LOV are populated through the Lookup named 'iProcurement Item Type'.
If any additional values are required, you can add and enable them through the following steps:
(R) Application Developer
(N) Application > Lookups > Application Object Library
Query Lookup by Type = POR_ITEM_TYPE or by Meaning = iProcurement Item Type and add new values or enable/disable the existing ones as needed.