Silicon Metal Exports in October Remain Flat MoM, January-October Cumulative Exports Up 30% YoY[SMM Analysis]

According to customs data, in terms of exports, China's silicon metal export volume in October 2024 was 65,100 mt, flat MoM and up 49% YoY. From January to October 2024, the cumulative export volume of silicon metal was 614,100 mt, up 30% YoY. In terms of imports, China's silicon metal import volume in October 2024 was 2,100 mt, down 39% MoM. The cumulative import volume from January to October 2024 was 25,800 mt, up 444% YoY.

In terms of export destinations, 50 countries or regions were involved in October, with the top ten countries accounting for 54,000 mt or 82.9% of the total export volume. The top five countries accounted for 34,000 mt or 51.9%, ranked as follows: Japan (8,400 mt), the Netherlands (6,900 mt), India (6,500 mt), Thailand (6,200 mt), and South Korea (5,800 mt).

Based on data from January to October this year, China's total exports to Japan were 93,000 mt, up 9% YoY; exports to India were 67,000 mt, up 20% YoY; exports to South Korea were 63,000 mt, down 11% YoY; exports to the UAE were 62,000 mt, up 52% YoY; exports to the Netherlands were 52,000 mt, up 105% YoY; exports to Thailand were 48,000 mt, up 136% YoY; exports to Malaysia were 46,000 mt, up 18% YoY; and exports to Bahrain were 32,000 mt, up 38% YoY. Benefiting from the development of the overseas PV industry, the increase in exports to the Netherlands indicates a rise in demand for silicon metal in Europe. Meanwhile, the increased operating rates of alloy enterprises in Malaysia and Thailand have also driven up the demand for silicon metal. In November, domestic silicon metal prices were basically stable, and overseas users restocked as needed. It is expected that silicon metal export volumes will remain stable with a slight increase in November.