The latest data from SMM indicates that in April 2025, silver production declined slightly by 1% MoM and also decreased marginally by 0.94% YoY. As of now, the cumulative silver production in 2025 has reached 5,961 mt.

According to SMM, Approaching the month-end, domestic social inventories of silver ingots continued to decrease. Spot market supply briefly tightened, and some suppliers halted trading after depleting their inventories in late April.

Since mid-April 2025, the silver TD on the Shanghai Gold Exchange has experienced eight consecutive gains. The market trend has been fluctuating at highs, influenced by factors such as global trade war risk aversion and US Fed policy expectations. On the spot market side, the circulation of spot cargo decreased due to Shanghai futures silver deliveries, leading suppliers to hold back on sales. Buyers in the end-use consumer market actively inquired about prices, but actual transactions were limited. Future attention should be paid to the impact of global economic data and geopolitical situations on silver prices.

Silver production in March rebounded MoM but declined YoY. The sustainability of growth in April will depend on the grade of raw materials and the release of recycled silver capacity.

According to SMM, the expansion of domestic silver nitrate capacity was driven by the demand for PV silver powder and silver paste from downstream industries. Since 2024, with the new production lines actively expanded by silver nitrate producers gradually coming into operation, silver nitrate suppliers generally mentioned intense competition within the industry

In March 2025, after a strong rebound at the beginning of the year, the silver market stabilized at a high level. However, changes in market structure and fluctuations in investor sentiment put pressure on prices. The TD-SHFE silver structure shifted from contango to back, and profit-taking sentiment among bulls intensified. Although strong industrial demand (new energy, PV, 5G, etc.) and the expected supply-demand gap provided support for prices, supply growth and mild downstream demand led to inventory accumulation. Uncertainty in US Fed policy, weak economic data, and profit-taking by bulls may limit the upside potential for silver prices, which are expected to maintain a fluctuating trend in the short term.

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