Silver Prices Continue to Fluctuate at Highs, Downstream Demand Remains Cautious with Subdued Trading [SMM Daily Review]

Published: Sep 23, 2025 12:00

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Silver prices retreated after a rapid rise today, with suppliers still holding back on sales, and the spot market was dominated by premium quotations. In Shanghai, suppliers of national standard silver ingots offered a premium of 5-6 yuan/kg against TD, while suppliers of large-factory silver ingots offered a premium of 5-7 yuan/kg against TD. In Shenzhen, suppliers offered a discount of 58 yuan/mt against the SHFE silver 2512 contract for national standard silver ingots. Silver prices held up well today, with downstream buyers purchasing cautiously based on rigid demand, and some traders making purchases at lower levels. Trading in the spot market was relatively light.

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