Silver Prices Consolidate Sideways with Minor Catch-Up Gains, Spot Market Premiums Remain Broadly Unchanged from Yesterday [SMM Daily Review]

Silver prices edged up slightly today, continuing their consolidation trend, with the TD-SHFE silver 2512 contract basis maintaining at 15-20 yuan/kg. In Shanghai, large suppliers quoted a premium of 35-40 yuan/kg against TD, with limited transactions concluded. Some suppliers maintained quotes at a premium of 10-20 yuan/kg against the SHFE silver 2512 contract, also with some deals done. Spot market supply remained tight, with very limited availability of high-quality, standard-compliant material. Due to difficulties in passing on higher silver costs amid stagnant solar cell prices at the terminal end, silver nitrate enterprises adopted a cautious stance, making only just-in-time procurement and sharing the premium burden with downstream silver powder and paste manufacturers. After the slight price increase, spot trades turned somewhat sluggish.