Spot Market and China Inventory Brief Review (April 16, 2026) [SMM Silver Market Weekly Review]

Published: Apr 16, 2026 16:50

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The premium in the silver ingot market continued to decline this week, consumption remained weak, and social inventory of silver ingots increased significantly as suppliers shipped to delivery warehouses and relocated inventory.

This week, the price spread between the SGE TD price and the SHFE June contract was concentrated at 30-40 yuan/kg. As of Thursday, the quoted premium of national-standard silver ingots over TD in the Shanghai market that could be transacted was lowered to 0-10 yuan/kg. The market trend of downstream buyers making just-in-time procurement and aggressively bargaining down premiums continued. Some suppliers indicated that most transactions had already fallen to near TD parity, while some traders chose to hold prices firm or seek banks and institutions as a backstop. In the Shenzhen market, investment demand remained sluggish, and spot market trading stayed sluggish. Under the continued impact of pessimistic expectations for PV orders this week, consumption in the spot silver ingot market remained subdued. Stockpiling enthusiasm among silver nitrate, silver powder, and silver paste enterprises remained low, and social inventory of silver ingots in Shanghai and Shenzhen saw a notable cumulative increase.
Inventory side, under the continued impact of pessimistic expectations for PV orders this week, consumption in the spot silver ingot market remained subdued. Stockpiling enthusiasm among silver nitrate, silver powder, and silver paste enterprises remained low. Suppliers moved inventory to warehouses for delivery, and social inventory of silver ingots in Shanghai and Shenzhen saw a notable cumulative increase.

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.

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