Silver Stabilized with Narrowing Discount, Consumption Support Remained Weak [SMM Daily Review]

Published: May 26, 2026 10:17

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[SMM Daily Review: Silver Stabilized with Narrowing Spot Discounts, Consumer Support Remained Weak] SMM reported on May 26 that after the decline in silver prices stabilized, spot discounts narrowed, but the consumer market lacked sufficient support, and transactions remained dominated by low volumes.

Today, SMM's 10:00 AM pricing against the SGE Ag(T+D) was 18,598 yuan/kg, with premiums quoted at TD -30 to -10 yuan/kg, averaging -20 yuan/kg.

On the macro front, silver gave back part of its earlier gains and gradually stabilized after the decline. Short-term trends were highly correlated with Voss's inauguration statements and the progress of US-Iran negotiations, with relatively large fluctuation elasticity.

Spot market, mainstream quotations from national-standard silver ingot suppliers were quoted at premiums of TD -30~-10 yuan/kg against the T+D contract, and the recent transaction center remained skewed toward the lower end. Morning quotations in the Shanghai area were concentrated in the TD -20 to -10 yuan/kg range, with some smelters' transactions today skewing toward the higher end. Spot discounts for non-delivery brands in other regions narrowed somewhat. Affected by the recent large fluctuations in silver, some suppliers exhibited stockpiling and hold-back-from-selling sentiment. Overall, silver spot discounts narrowed somewhat, but consumer market support remained weak.

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