Silver Prices in the Doldrums, Spot Market Supply Increases with a Slight Reduction in Premiums [SMM Daily Review]

Published: Feb 26, 2026 12:00

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Silver prices were in the doldrums during the morning session today, as suppliers slightly lowered their premium quotes and showed less willingness to hold prices firm compared to yesterday. In Shanghai, suppliers of national standard silver ingots quoted premiums of 1,500-1,800 yuan/kg against TD for rigid demand transactions, while suppliers of large-smelter silver ingots held prices firm with premiums of 1,700-1,900 yuan/kg against TD, reluctant to sell. After inventory declines at smelters in Jiangxi, Guangdong, Henan, and other regions, they adopted a wait-and-see attitude, quoting premiums of 1,800-2,000 yuan/kg against TD. Spot market availability increased slightly today, but a few large-smelter silver ingot brands remained scarce, commanding a premium of 100-200 yuan/kg compared to ordinary national standard silver ingots. Downstream users engaged in buying the dip for rigid demand, leading to improved market transaction activity compared to yesterday.

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