Spot Market and Domestic Inventory Brief Review (January 22, 2026) [SMM Silver Market Weekly Review]

This week, precious metal prices fluctuated at highs, and premium quotations in the spot market did not decline as expected. In the Shanghai spot market, premiums against TD were maintained at 120-130 yuan/kg, while premiums for national standard silver ingots against TD were at 100-120 yuan/kg. In Shenzhen, suppliers reduced selling pressure, and mainstream quotations rose to a premium of 100 yuan/kg. Some suppliers held back sales, quoting a premium of 150-160 yuan/kg against the SHFE silver 2602 contract. Amid a slight correction in silver prices this week, downstream buying the dip sentiment improved significantly, with industrial rigid demand actively negotiating and concluding deals. Trading activity in the spot market improved slightly compared to last week.
Inventory side, the downward trend in social silver inventory continued this week. Some traders mentioned that heavy snow in Henan and other regions caused delays in warehousing for some silver ingot spot cargo. However, as the weather cleared towards the weekend, logistics and transportation issues eased. Spot market cargo pick-up remained concentrated in Shanghai warehouses, while trading activity in Shenzhen improved slightly compared to last week. Price volatility risks persisted due to the low inventory environment.