Silver Prices Surge to New Highs Again, Spot Market Premiums Remain High, Downstream Adopts Cautious Wait-and-See Approach [SMM Daily Review]

Published: Jan 23, 2026 11:54

Save

Silver prices hit a new high today. In the domestic spot market, the premium saw relatively small changes compared to yesterday. In Shanghai, suppliers of large-factory silver ingots offered a premium of 120-130 yuan/kg against TD, while suppliers of national standard silver ingots quoted a premium of 100-120 yuan/kg against TD or a premium of 130 yuan/kg against the SHFE silver 2604 contract, with only rigid demand transactions concluded. In the Shenzhen market, a bullish and reluctant-to-sell sentiment emerged, as suppliers showed low willingness to sell, slightly raising premiums while holding back and waiting. Investment demand in Shenzhen saw a slight rebound, but after the sharp rise in silver prices, the enthusiasm for silver investment did not reach the level seen before the New Year's Day holiday. High premium quotes in the spot market faced relatively difficult transactions. In Shanghai, a few suppliers, fearing high prices or facing margin pressure, sold off their holdings, slightly lowering the premium against TD to 80-100 yuan/kg. Downstream buyers adopted a wait-and-see stance again, and trading in the spot market turned quieter.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Analysts see silver at $90 and gold at $5,000 per ounce by the end of the year

The gold price set a technical signal last week while providing fresh fuel for the debate over its future direction.

1 hour ago

Apr 2, 2026 14:07

Gold and Silver Plunge: Spot Silver Down 6%, Gold Falls Below $4,600/Ounce

This afternoon, gold and silver plunged rapidly. Among them, spot silver extended its intraday decline to 6%, quoted at $70.37 per ounce. Spot gold fell below $4,600 per ounce, down more than 3%.

Apr 2, 2026 14:07

Mar 30, 2026 17:56

Baiyin Launches $950M Project for 800mt/yr Silver Powder & Paste, Targeting $9B Revenue

Construction Content The project is planned to build a production site for PV and electronic-grade new materials centered on high-purity silver powder and silver paste, supported by intensive precious metal processing and the development of cultural and creative derivative products. Main products include high-purity silver powder (200 mt/year), silver ingots (200 mt/year), PV silver paste (200 mt/year), and silver jewelry cultural and creative products (200 mt/year), with total output value exceeding 9 billion yuan. The technology process adopts efficient electrorefining, with silver purity reaching above 99.995% (up to 6N grade), supporting high-end applications such as semiconductor bonding wires and superconducting materials.

Mar 30, 2026 17:56