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Inventories

12 Months Ended

Dec. 31, 2018

13.	INVENTORIES

	As of December 31,
	2018			2017
	US$’000			US$’000
Raw materials and supplies		25,717			32,278
Work in progress		15,598			14,240
Finished goods		46,592			53,051
		87,907			99,569
Allowance for inventories		(3,982	)		(2,364	)
Total inventories at the lower of cost and net realizable value		83,925			97,205

Inventories recognized as an expense during the year ended December 31, 2018, December 31, 2017 and December 31, 2016 amounted to $388,079, $384,995 and $356,263 respectively.

For the year ended December 31, 2018 and 2017, the Company recognized allowance for inventory of $1,613 and $532 as an expense in cost of sales for inventories carried at net realizable value.

For the year ended December 31, 2016, the amount of $3,306 was credited to cost of sales when the circumstances, such as copper price fluctuation, that caused the net realizable value of inventory to be lower than its cost no longer existed.