Spot Discounts on Silver Ingots Widened, Sluggish Trading with Strong Wait-and-See Sentiment [SMM Daily Review]

Published: Apr 20, 2026 10:30

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[SMM Daily Review: Spot Silver Ingot Discounts Widened, Trading Sluggish with Strong Wait-and-See Sentiment] SMM reported on April 20 that silver T+D was boosted by macro sentiment and rallied again, but spot silver struggled to catch up, with quotes mainly at spot discounts. Trading was sluggish, and bearish sentiment prevailed in the market.

Today's SMM silver ingot spot quotes were predominantly at discounts, with market demand remaining dismal, strong bearish sentiment, and quotes continuing their downward trend.

Macro perspective, influenced by the shift toward U.S.-Iran peace talks, silver T+D rallied again in the morning session to near the 20,000 yuan/kg level. Spot side, there were a relatively large number of sellers today. In the morning, suppliers' offers were concentrated in the range of parity to TD-10 yuan/kg, but downstream purchase willingness remained sluggish, with bargaining room gradually widening toward the lower end, and overall market transactions were thin. In Shenzhen and Shanghai, mainstream traders' transaction prices were mostly concentrated around TD-30 yuan/kg. Currently, sellers adopted a wait-and-see attitude, with some considering registered warrant operations or seeking bank institution support as a floor.

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