Spot Market and China Inventory Brief (May 7, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between the SGE TD price and the SHFE June contract mostly remained in the range of 0-20 yuan/kg. As of Thursday, standard silver ingots in the Shanghai market were mostly quoted at a slight discount against TD, with most transaction quotes falling in the range of a 20-0 yuan/kg discount against the SGE TD. Spot premiums, though not continuing to decline WoW, still reflected weak performance on the consumption side. A few non-delivery brands in the Shenzhen area maintained larger discounts, continuously exerting pressure on Shanghai spot market prices. In late April, the State Taxation Administration lawfully coordinated efforts to rectify "invoice-based economy" practices, and some traders, still affected by this, have yet to resume precious metals quotations. In addition, investment demand in the Shenzhen market improved slightly WoW as silver prices rebounded.
Inventory side, consumption in the silver ingot spot market remained sluggish, with only a few downstream enterprises making just-in-time procurement. Social inventory of silver ingots in Shanghai and Shenzhen continued to accumulate.