Month-End Silver Ingot Market Sluggish, Price Spread Widened [SMM Daily Review]

Today, SMM quoted premiums of TD-20 to +10 yuan/kg against the SGE Ag(T+D), with an average of -5 yuan/kg. Market quotation divergence widened today. Although low prices were offered in the market, tax authorities recently launched a special rectification campaign on invoice-related economic activities, standardizing and strictly controlling enterprise invoicing limits. Traders in the Shanghai area experienced sluggish actual transactions at month-end due to tax invoice issues, so suppliers who could issue invoices normally began to hold prices firm. Overall consumer market, month-end actual market consumption returned to a sluggish pattern, and some smelters showed limited willingness to sell.

In the Shanghai area during the morning session, suppliers of national-standard silver ingots posted mainstream quotations against TD at premiums of -20 to +10 yuan/kg; in the Shenzhen area, some non-delivery brands remained at discounts. Mainstream market transactions were temporarily unclear, as some traders did not offer quotations due to invoice issues, and downstream buyers were also taking a wait-and-see approach.