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Inventories

12 Months Ended

Dec. 31, 2020

13.	INVENTORIES

	As of December 31,
	2020		2019
	US$’000		US$’000
Raw materials and supplies		23,490		18,578
Work in progress		17,992		18,593
Finished goods		54,889		48,016
Total inventories at the lower of cost and net realizable value		96,371		85,187

Inventories recognized as an expense during the year ended December 31, 2020, 2019 and 2018 amounted to $279,728, $313,695 and $388,079 respectively.

For the year ended December 31, 2020 and 2019, the amount of $240 and $322 were 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, the Company recognized allowance for inventory of $1,613 as an expense in cost of sales for inventories carried at net realizable value.