Affected by ocean freight, silicon metal exports decreased MoM in July and are expected to recover in August [SMM Analysis]

Published: Aug 22, 2024 17:43

Source: SMM

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According to customs data, China's silicon metal export volume in July 2024 was 54,100 mt, down 12% MoM and up 14% YoY.

According to customs data, China's silicon metal export volume in July 2024 was 54,100 mt, down 12% MoM and up 14% YoY. From January to July 2024, the cumulative export volume of silicon metal was 419,100 mt, up 25% YoY.

In July 2024, China's silicon metal import volume was 1,400 mt, down 34% MoM. From January to July 2024, the cumulative import volume of silicon metal was 15,000 mt, up 1,054% YoY.

In terms of exports, China exported silicon metal to 43 countries or regions in July, with the top ten countries totaling 46,000 mt (accounting for 85%). The exports to top five countries reached 32,000 mt (accounting for 59%), ranked as follows: Japan (8,700 mt), South Korea (6,400 mt), Thailand (5,800 mt), India (5,600 mt), and the Netherlands (5,300 mt). The total export volume in July showed a certain decline compared to June, mainly due to the previous increase in ocean freight and export taxes. As these impacts gradually diminish in August, export traders' orders are expected to become more active, and the export volume is expected to recover.

From January to July, the export volume to Thailand, the UAE, the Netherlands, and India saw the largest increases, each exceeding 10,000 mt. The increase in consumption was mainly driven by the demand from aluminum alloy sectors. Especially in countries like India, where economic development is rapid, consumption of automobiles and other products is increasing, indicating a future upward trend in silicon metal demand.

In terms of imports, according to customs data, the main sources were France, South Africa, Spain, and Canada. Domestically, imports were mainly concentrated in Yunnan, with small distributions in Guangdong and Jiangsu.

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