Silicon Metal Exports Rose 27% MoM in Nov amid Recovery of Overseas Demand

SHANGHAI, Dec 27 (SMM) - According to customs data, China silicon metal exports in November 2022 were 49,200 mt, up 27% MoM and down 15% YoY. Exports totalled 602,600 mt from January to November, a decrease of 16% on an annual basis.

In November, China's silicon metal exports headed for 44 countries and regions, and the exports to the top ten destinations stood at 41,000 mt. The top five destinations were Japan, South Korea, Thailand, Malaysia and India, with combined exports of 31,000 mt, accounting for 63.5% of the total exports.

With regard to the imports of silicon metal from China in the first 11 months of 2022, Japan ranked first when it came to decline, followed by the Russian Federation, Thailand, and Malaysia. Their reductions were 37,000 mt, 28,000 mt, 18,000 mts, and 15,000 mt respectively. The main reasons for the decline included the restored capacity of some overseas zombie firms that helped improve their price competitiveness, the shrinking overseas demand amid the covid-19 pandemic, and the production cuts of downstream enterprises arising from regional conflicts. At the same time, China's exports to Brazil, the United Arab Emirates and Bahrain increased slightly, and the total increase from January to November was 2,600-3,800 mt.

In November-December, some quarterly orders overseas were released, and some overseas users were driven to replenish inventory before the holidays. Therefore, the growing demand, coupled with falling domestic prices of silicon metal, prompted the export orders to pick up compared with that in September-October. But the orders were still fewer than those in the same period of previous years. It is expected that silicon metal exports in December will be around 45,000 mt.