Demand from countries like the UAE increased, leading to a 27% YoY rise in silicon metal exports in H1 2024 [SMM Analysis]

According to customs data, China's silicon metal exports in June 2024 were 61,200 mt, down 15% MoM but up 28% YoY. H1 exports totalled 364,900 mt, up 27% YoY.

In June 2024, China's silicon metal imports were 2,100 mt, down 14% MoM but up 8,342% YoY. H1 imports totalled 13,600 mt, up 986% YoY.

In June, silicon metal was exported to 49 countries or regions. The top ten countries accounted for 51,000 mt, or 83.3% of the total exports. The top five export destinations were Japan, India, the UAE, South Korea, and Malaysia, with a combined exports of 35,000 mt, accounting for 57.7%.

In H1 2024, silicon metal exports increased by 27% YoY, while the export unit price saw a significant decline. This was mainly due to the continuous drop in domestic silicon metal prices under the pressure of supply-demand imbalance. According to customs data, the export unit price of silicon metal in H1 2024 was $1,966/mt, down 30% YoY. By country, the UAE, Thailand, the Netherlands, and India saw the largest YoY increases in H1, with increments of 13,900 mt, 11,400 mt, 11,200 mt, and 10,200 mt, respectively. Among major countries, South Korea and Bahrain saw slight decreases, around 1,000-2,000 mt.

At the end of June and the beginning of July, factors such as export tax inspections temporarily impacted silicon metal export business. By late July, the impact gradually diminished, and export traders resumed normal quoting and order-taking. It is expected that after a decline in July, silicon metal exports will recover in August.