Spot Market and China Inventory Brief (April 30, 2026) [SMM Silver Market Weekly Review]

Published: Apr 30, 2026 17:19

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This week, the silver ingot market premium maintained a slight discount. Consumption performance remained relatively weak. Under the broader environment of invoice rectification, the market overall exhibited sluggish trading on both sides, and silver ingot social inventory continued to accumulate.

This week, the price spread between the SGE TD price and the SHFE June contract narrowed to 0-20 yuan/kg. As of Thursday, Shanghai market national-standard silver ingot quotes against TD remained in a slight discount range, with most transaction prices falling within a discount of 30-0 yuan/kg against the SGE TD. A few non-delivery brands in the Shenzhen area maintained larger discounts, continuously impacting spot market prices. In late April, the State Taxation Administration lawfully coordinated efforts to rectify "invoice-based economy" practices, and some traders suspended precious metals quotations as a result. The month-end spot market overall showed a sluggish trend in both trading and investment. In addition, investment demand in the Shenzhen market still showed no improvement.
Inventory side, silver ingot spot market consumption remained sluggish, with only a few downstream enterprises stockpiling small quantities on dips. Social inventory of silver ingots in Shanghai and Shenzhen continued to accumulate.

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