January 2026: Silver Production Up 0.6% MoM, 9.91% YoY; Smelters Resume Post-Maintenance [SMM Analysis]

. In January 2026, silver production increased by about 0.6% MoM and 9.91% YoY compared to January 2025.

Regarding production cuts, lead smelters in Guangdong, Yunnan, and Gansu, as well as a copper smelter in Hubei, saw reduced output due to maintenance; meanwhile, two smelters in Henan and one in Guangxi experienced a decline in silver ingot production due to raw material grade issues.

In terms of production increases, a lead smelter in Henan, after adding a new primary lead production line, improved its precious metal recovery rate, leading to a slight increase in January production to normal levels. Lead and copper smelters in Jiangxi and Yunnan, which had undergone maintenance previously, also resumed operations and slightly increased production in January. Additionally, smelters in Shandong and Hunan reported that, due to the rise in silver prices in January, they reprocessed lower-grade substandard materials from their inventory, thereby increasing production.

Looking ahead to February, silver ingot supply is expected to continue with positive growth, with a projected MoM increase of about 2.78%. The main driver for this growth will be smelters that completed maintenance in January and are ramping up to regular production in February. Furthermore, some smelters using crude silver recovery as raw material indicated that the silver-containing raw materials recovered in January may support further slight production increases in February.