Spot Market and China Inventory Brief Review (June 25, 2026) [SMM Silver Market Weekly Review]

This week the price spread between SGE TD prices and the SHFE August contract remained in a range of 40-50 yuan/kg. As of Thursday, premiums for standard silver ingots against mainstream TD quotations in the Shanghai market stayed in a range from parity to a small premium. Most transaction prices fell into the TD parity–premium 20 yuan/kg range, or a discount of 50-30 yuan/kg against the most-traded SHFE contract 2608. Silver prices this week were mainly driven by ongoing fermentation of the US Fed’s hawkish stance, a stronger US dollar index, and US Treasury yields staying high. Downstream enterprises’ procurement pace recovered somewhat, but overall just-in-time procurement still dominated, willingness to stockpile in bulk was limited, and some enterprises showed notable fear of price declines. On the inventory side, maintenance at some smelters and export order deliveries continued to draw down inventories, and social inventory of silver ingots in Shanghai and Shenzhen saw overall destocking.