Spot Market and China Inventory Brief Review (June 11, 2026) [SMM Silver Market Weekly Review]

The price spread between the SGE TD price and the SHFE August contract remained in the 40-50 yuan/kg range this week. As of Thursday, premiums of mainstream quotations for standard silver ingots against TD in the Shanghai market rose to a range from parity to a slight premium, with transaction quotes mostly landing within the SGE TD parity to a premium of 10 yuan/kg range. Silver prices plunged this week due to macro headwinds and the renewed escalation of the US-Iran conflict. Following the plunge, downstream inquiries became relatively active, while upstream smelters showed low willingness to sell due to the low prices. On the inventory side, downstream consumption recovered WoW as prices continued to fall, and social inventories of silver ingots in Shanghai and Shenzhen underwent overall destocking.