Silver export volume surged in March [SMM analysis]

The export volume of semi-finished silver with a purity of ≥99.99% was 0.069923 tons in March; the export volume of unwrought silver with a purity of ≥99.99% was 362.632015 tons, a month-on-month increase of 38.6% and a year-on-year increase of 6%.

Silver ingot export volume in March increased compared with the export volume in January and February due to the Chinese New Year holiday, and the shorter production time in February. The export volume in January and February was low. The export volume of silver in March also increased year-on-year. The main reason is that domestic silver prices rose for three weeks in March. The market export price had an advantage over January and February, and the market export enthusiasm was strong. In March, as prices rose, smelters had a high demand for purchasing silver raw materials. The prices of silver-containing copper ore and silver-containing lead ore were relatively high in March. Therefore, it is expected that exports will decrease in April and May.