Spot Market and China Inventory Brief (April 9, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between the TD price on the Shanghai Gold Exchange and the SHFE April contract did not narrow to within 50 yuan/kg, with the spot-futures price spread disappearing during some trading sessions. As the weekend approached, suppliers began lowering premiums and selling off spot cargo due to reasons such as capital recovery or concerns about further narrowing of the spot-futures price spread. Some branded silver ingot suppliers suspended quotations and showed strong delivery intentions. As of Thursday, the tradable premium of national-standard silver ingots over TD in the Shanghai market was lowered to 20-30 yuan/kg, with a few suppliers closing small volumes at parity with the April contract. The market trend of downstream just-in-time procurement significantly bargaining down premiums continued. Some suppliers noted that downstream indicative bids had fallen to near TD parity, but only a few suppliers were able to accept and close deals. Investment demand in the Shenzhen market remained sluggish, and spot market trading stayed sluggish.
Inventory side, under pessimistic expectations for PV orders this week, spot market consumption remained subdued. As the April delivery approached, suppliers shipped to delivery warehouses and transferred inventory as scheduled, leading to a notable increase in social inventory of silver ingots in the Shanghai and Shenzhen regions.