[SMM Silver Market Update] A Smelter in Southern China quickly Reduces Inventory to Safe Levels After Holiday

[SMM Silver Market Update] On February 24, SMM reported that the tight supply of silver ingots in the domestic spot market has persisted after the Chinese New Year. Suppliers showed strong willingness to hold prices firm, and spot premiums rose slightly compared to pre-holiday levels. During the morning session, mainstream transaction prices for standard silver ingots were at a premium of 1,800-2,000 yuan/kg over the Shanghai Gold Exchange silver deferred contract (Ag(T+D)); spot orders for less than 100 kg commanded even higher premiums.

On February 19, 2026, US startup Bert Thin Films (BTF) announced the launch of its new-type copper paste product, CuBert™, specifically designed for the backside metallization of TOPCon solar cells. The technology achieved two major breakthroughs: first, it enables screen printing and sintering to be completed in ambient air without the need for inert gas protection; second, it allows for one-step co-firing with commercially available front-side silver paste, demonstrating strong process compatibility.

On February 23, SDIC Capital announced that a special disposal plan for the valuation adjustment of the SDIC-UBS Silver Futures Securities Investment Fund (LOF), managed by a third-tier subsidiary under the company, was released on February 15, 2026. Based on preliminary estimates, this adjustment is expected to have a certain negative impact on the company’s net profit attributable to parent company shareholders for the year 2026. However, the estimated impact amount is not expected to exceed 5% of the company’s audited net profit attributable to parent company shareholders for 2024 and will not materially affect the company’s overall business operations or sustainable development. The final accounting treatment and specific impact amount will be subject to the annual audit results.