SMM

According to SMM statistics, as of November 15, the national social inventory of silicon metal totaled 512,000 mt, up 13,000 mt WoW. Among them, the inventory in general social warehouses was 153,000 mt, down 3,000 mt WoW, while the inventory in social delivery warehouses was 359,000 mt (including unregistered warehouse warrants), up 16,000 mt WoW. Last week, there were significant inventory changes in Tianjin, Guangdong, and Xinjiang regions. The main reason for the change in Xinjiang was that Jushen (Xinjiang) was converted from a general social warehouse to a social delivery warehouse. The increase in inventory at Tianjin Port and Guangdong was mainly due to the arrival of some goods, awaiting subsequent warehouse warrant registration. Last week, the buildup of silicon metal social inventory increased significantly, and with the subsequent visibility of unreported inventory, the visible inventory in the industry is expected to continue to increase.