Silver Ingot Imports Surge in Feb, Expected to Remain High in March

Published: Mar 23, 2026 17:35

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[SMM Precious Metals Market Bulletin] Customs data showed that imports of unwrought silver ingots with a purity of no less than 99.99% (i.e., silver ingots) rose significantly in February, reaching 206.76 mt. Compared with the previous period, they were up 499% MoM; compared with the same period last year, they were up 5,910% YoY. In addition, according to feedback from SMM market communication, affected by the price spread between physical silver ingots in and outside China and the continued stable opening of the import window, silver ingot imports are expected to remain at a high level in March. However, after entering April, as spot silver ingot premiums in China gradually pull back, silver ingot imports are expected to decrease.

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