Smelter Maintenance and Production Resumptions Coexisted in April, Leading to a Slight Decline in Silver Production [[SMM Analysis]]

According to SMM, in April 2025, silver production saw a 1% MoM decline and a 0.94% YoY decline. The cumulative SMM 1# silver production for 2025 reached 5,961 mt.

From March to April, some lead and zinc smelters underwent spring maintenance. Affected by the decline in anode slime production, silver production also decreased simultaneously. In terms of supply reduction in April, one smelter each in south China and south-west China experienced a decline in production. Meanwhile, some smelters also made slight adjustments to their silver output due to fluctuations in raw materials. In terms of production growth, smelters in Yunnan, Gansu, and other regions resumed maintenance, contributing significantly to silver production. A smelter in east China also slightly increased its non-mineral silver production.

Entering May, some copper smelters mentioned that the decline in processing fees for imported ore in May may affect the expectations for subsequent precious and rare metal recovery. However, the expected recovery of smelters in north China and Yunnan may offset the production reduction, and silver production in May is still expected to record a positive MoM growth.

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