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Inventories

12 Months Ended

Dec. 31, 2019

13.	INVENTORIES

	As of December 31,
	2019			2018
	US$’000			US$’000
Raw materials and supplies		19,712			25,717
Work in progress		19,118			15,598
Finished goods		50,309			46,592
		89,139			87,907
Allowance for inventories		(3,952	)		(3,982	)
Total inventories at the lower of cost and net realizable value		85,187			83,925

Inventories recognized as an expense during the year ended December 31, 2019, December 31, 2018 and December 31, 2017 amounted to $313,695, $388,079 and $384,995 respectively.

For the year ended December 31, 2019, the amount of $322 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.

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.