Month-End Silver Ingot Trading Sluggish, Prices in the Doldrums [SMM Daily Review]

Published: Apr 28, 2026 14:40

Save

[SMM Daily Comment: Month-End Silver Ingot Trading Sluggish, Prices in the Doldrums] SMM reported on April 28 that consumption weakened at month-end, silver ingot trading was sluggish, prices were in the doldrums, and market activity remained low.

Today, SMM quoted premiums of TD-30 to 0 yuan/kg against the SGE Ag(T+D), with an average of -15 yuan/kg. Some traders in Shanghai temporarily withdrew from offering due to month-end tax invoice factors, but the impact on the overall market was limited. Month-end consumption weakened, market offers appeared slightly soft, and trading volume declined marginally.

In the Shanghai morning session, suppliers of national-standard silver ingots posted mainstream quotations against TD at discounts of 20 yuan/kg to parity, but transactions were hindered as downstream acceptance remained low; in Shenzhen, some non-delivery brands maintained discounts of 30-40 yuan/kg. Overall, month-end market activity remained subdued.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 1, 2026 21:22

South32 Raises Hermosa Taylor Capex by Over 50%, Delays Production to 2028 H1

On April 30th, South32 raised the development cost estimate for the Taylor deposit at its Hermosa zinc-silver project in Arizona, US, and delayed the timeline. First-stage capital expenditure has increased by more than 50%, from $2.2 billion in the 2024 FS to $3.3 billion. First production has been delayed by one year to H2 FY2028, full production has also been pushed back to FY2031. Cost increase was mainly due to contractor underperformance, slower-than-expected construction productivity, scope changes, inflation, US tariffs and higher input costs. Progress on a key ventilation shaft is the main bottleneck now. But the company also noted that ore reserves at Taylor increased by 52%, mineral resources rose by 10%, extending the expected mine life from 28 years to around 33 years.

May 1, 2026 21:22

Apr 23, 2026 15:04

Building Bridges of Communication and Unlocking Investment Potential — SMM Visited the Guangxi (Shenzhen) Industrial Cooperation Center

Apr 23, 2026 15:04

Apr 30, 2026 17:47

Silver Market Price Review and Expectations Brief Commentary (April 30, 2026) [SMM Silver Market Weekly Review]

Apr 30, 2026 17:47