In November, silver export volume reached 441 mt, while imports stood at 3.5 mt. Silver nitrate exports amounted to 164 kg, with imports at 359.5 kg. Silver powder exports totaled 0.6 mt, and imports were 191.3 mt.
For unwrought silver with a purity of ≥99.99%, 376.9 mt of silver ingots were exported under Processing with Imported Materials, up 10.5% MoM. Exports under Ordinary Trade amounted to 5.2 mt, while other export methods accounted for 58.9 mt.
The export volume of silver ingots under both Processing with Imported Materials and Ordinary Trade increased. The rise in exports under Processing with Imported Materials was due to higher raw material imports by enterprises, necessitating exports. Meanwhile, the increase in exports under Ordinary Trade was attributed to the narrowing price spread between domestic silver prices and untaxed international silver prices in November. Although Ordinary Trade export value is not strictly regulated, some enterprises opted for limited exports to adapt to changing export policies. Additionally, lower export losses in November led to slightly higher exports. Overall, November's export volume rose by 19% MoM, driven by strong demand as year-end approaches, with enterprises fulfilling overseas orders, resulting in a booming export market.
Silver powder imports in November declined both MoM and YoY. The YoY decrease was due to accelerated domestic silver powder production, reducing import demand. However, imports of PV-use silver powder increased MoM compared to October. This was driven by higher downstream solar cell prices in November, increased production enthusiasm, and growing demand for high-efficiency solar cells, which led to adjustments in unit consumption and a slight rise in demand for imported high-end powder. Nevertheless, demand in other areas fell short of October levels, resulting in overall silver powder imports in November being lower than in October.
