According to SMM research statistics, in March 2021, China's silver production was 1182.382 tons (including 1014.382 tons of mineral silver), silver production decreased by 0.91% month-on-month, and the overall output decreased slightly. As the price difference between domestic and foreign disk still exists in March, when the quota permits, the export of manufacturers will not be reduced, some manufacturers will try their best to produce export silver ingots, and the production operating rate of smelters with export quotas will be higher than that of other smelters. Export ratio arbitrage even attracts speculators. And the competition for silver-containing materials, including anode mud, has also led to a continuous increase in the valuation coefficient of silver-containing materials, and even some procurement officials of some manufacturers have said that the profit space has shrunk or even hung upside down after the valuation coefficient of some foreign mines has been improved. as a result, some small and medium-sized smelters have reduced the purchase of silver-containing materials, while the purchase of silver-containing materials or the stock of silver-containing materials is not enough to open the furnace. It has also led to production reduction and suspension of production by some manufacturers, such as Yunxi and Gejiu Lianxing, as well as a significant reduction in the amount of silver processing in March in some production enterprises. National silver production is expected to fluctuate slightly in April, but overall will not change much.
Explanation: SMM has announced the national silver output of SMM since February. Silver is mostly associated with copper-lead-zinc mines. Thanks to the high coverage of SMM basic metals, there are a total of 48 SMM silver production enterprises, distributed in 17 provinces across the country, with a total sample capacity of 24000 tons and a total capacity coverage of more than 95%.
