Spot Market and China Inventory Brief (May 14, 2026)Spot Market and China Inventory Brief Review (May 14, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between the SGE TD price and the SHFE June contract mostly remained in the range of 10-20 yuan/kg. As of Thursday, mainstream quotations for national-standard silver ingots in the Shanghai market maintained a slight discount range against TD, with most transaction prices edging down slightly to a discount of 30-10 yuan/kg against the SGE TD, and transactions tended to close at the lower end. Downstream buying sentiment remained weak, as the rising absolute price of silver continued to suppress downstream demand, with heavy wait-and-see sentiment. A few non-delivery brands in the Shenzhen area still carried significant discounts, continuing to exert pressure on spot market prices in Shanghai. Some suppliers reduced their willingness to offer due to severe involution in spot market prices, and the spot market overall exhibited sluggish trading on both sides. Inventory side, sluggish consumption in the silver ingot spot market persisted, with only a few downstream enterprises making just-in-time procurement. Social inventory of silver ingots in Shanghai and Shenzhen continued to accumulate.