Spot Market and China Inventory Brief Review (April 16, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between the SGE TD price and the SHFE June contract was concentrated at 30-40 yuan/kg. As of Thursday, the quoted premium of national-standard silver ingots over TD in the Shanghai market that could be transacted was lowered to 0-10 yuan/kg. The market trend of downstream buyers making just-in-time procurement and aggressively bargaining down premiums continued. Some suppliers indicated that most transactions had already fallen to near TD parity, while some traders chose to hold prices firm or seek banks and institutions as a backstop. In the Shenzhen market, investment demand remained sluggish, and spot market trading stayed sluggish. Under the continued impact of pessimistic expectations for PV orders this week, consumption in the spot silver ingot market remained subdued. Stockpiling enthusiasm among silver nitrate, silver powder, and silver paste enterprises remained low, and social inventory of silver ingots in Shanghai and Shenzhen saw a notable cumulative increase.
Inventory side, under the continued impact of pessimistic expectations for PV orders this week, consumption in the spot silver ingot market remained subdued. Stockpiling enthusiasm among silver nitrate, silver powder, and silver paste enterprises remained low. Suppliers moved inventory to warehouses for delivery, and social inventory of silver ingots in Shanghai and Shenzhen saw a notable cumulative increase.