Spot Market and China Inventory Brief (April 30, 2026) [SMM Silver Market Weekly Review]

This week, the price spread between the SGE TD price and the SHFE June contract narrowed to 0-20 yuan/kg. As of Thursday, Shanghai market national-standard silver ingot quotes against TD remained in a slight discount range, with most transaction prices falling within a discount of 30-0 yuan/kg against the SGE TD. A few non-delivery brands in the Shenzhen area maintained larger discounts, continuously impacting spot market prices. In late April, the State Taxation Administration lawfully coordinated efforts to rectify "invoice-based economy" practices, and some traders suspended precious metals quotations as a result. The month-end spot market overall showed a sluggish trend in both trading and investment. In addition, investment demand in the Shenzhen market still showed no improvement.
Inventory side, silver ingot spot market consumption remained sluggish, with only a few downstream enterprises stockpiling small quantities on dips. Social inventory of silver ingots in Shanghai and Shenzhen continued to accumulate.