Dear Users,
Thank you for your continued trust and support of SMM.
In recent years, spot trading in the silver ingot market has attracted significant market attention. In actual trading and hedging operations, industry chain enterprises and investors widely use the SHFE silver main contract price as a core reference benchmark.
To better align with real market trading practices and accurately reflect the actual supply-demand dynamics and price fluctuations in the silver spot market, SMM has officially launched a new price index after extensively gathering market feedback: SMM Spot Premium/Discount Index (against SHFE Silver Main Contract). The index will be officially launched on October 29, 2026, and can be viewed on the SMM Silver Data Terminal. This index aims to provide a more intuitive and objective reference for enterprises in spot pricing, pricing agreements, and hedging activities.
The specific price update rules are as follows:
- Price Name: SMM Silver Spot Premium/Discount Index (against SHFE Silver Main Contract)
- Specification: Compliant with GB/T 4135-2016, IC-Ag99.99
- Price Definition: The weighted premium/discount based on transactions of the SHFE silver main contract during the 9:30–10:15 trading session on trading days. It applies to spot transactions in the Shanghai region, with transaction prices accounting for 70% and quotations accounting for 30%. Among the surveyed sources, traders account for 60% and smelters account for 40%.
- Unit: RMB/kg
- Delivery Location: Ex-works from Shanghai warehouses
- Publishing Time: Beijing time on business days, before 10:30 AM daily
If you have any questions, please contact the SMM Precious Metals Team:
Zhu Qifan – Silver Analyst
Email: zhuqifan@smm.cn
SMM Precious Metals Team
October 26, 2026