SMM Silver Express: Hong Kong Spot Premium Down $0.20-0.10/oz, Export Prices Rise Modestly

This week, macro signals were mixed. Early on, surging Treasury yields and hawkish Fed expectations weighed on precious metals. Mid-week, the Treasury expanded buybacks, pulling long-end yields lower and sparking a rebound. Yields remain high and the Fed’s hawkish tilt keeps downside risks alive, but debt concerns and central bank buying offer solid medium-term support. Focus shifts to Jackson Hole and US-Iran developments.

[SMM Silver Express] China's exports of 99.99% unwrought silver ingots were 350.6 tonnes in July 2026, down 25.6% month-on-month and 13.84% year-on-year; cumulative exports for January-July reached 2,626 tonnes, down 2.9% year-on-year. July silver ingot imports were 38.01 tonnes. Silver ore and concentrate imports reached 213,800 tonnes, up 40% year-on-year; cumulative imports for January-July reached 1.378 million tonnes, up 36% year-on-year.

[SMM Flash] The Democratic Republic of Congo (DRC) is becoming an increasingly important arena in the US-China competition for critical minerals, with the country holding significant resources of cobalt, copper, lithium, coltan, tantalum, tin, tungsten and other strategic commodities. China has built a strong position across the DRC's mining, processing and refining value chain, while the US is seeking to diversify supply through infrastructure investment, diplomacy and direct participation in mining assets. A key component of the US strategy is the Lobito Corridor, supported by a $553 million US Development Finance Corporation loan to rehabilitate about 1,300 km of railway linking the DRC to Angola's Atlantic port. The US-backed Orion Critical Mineral Consortium has also proposed acquiring a 40% stake in Glencore's Mutanda and Kamoto assets, with the transaction implying a combined enterprise value of about $9 billion and providing Orion rights to direct its share of production to nominated buyers. These moves could gradually diversify DRC mineral trade routes and customers, although China's established processing capacity and infrastructure footprint mean that a significant shift in the supply chain is unlikely to happen quickly.