The production of silver nitrate in January showed a declining trend MoM, with production down 8.7% MoM and 2.9% MoM. According to SMM, the reasons for the decline in silver nitrate production compared to January are as follows: 1. Excluding the holiday factor, February's natural production cycle was shorter than January's. 2. After the holiday, the operating rate of PV end-user enterprises was relatively low. Coupled with the lack of advantage in silver prices in February, market order demand and stockpiling demand were both weak, leading to a decline in February's production. 3. Some demand for February was fulfilled in advance stockpiling during January. Before the Chinese New Year, the market was concerned about downstream enterprises resuming work early during the holiday and the relatively advantageous prices, prompting some enterprises to conduct partial stockpiling in January, with stockpiling volumes ranging from 3 to 14 days. As a result, February's procurement demand declined.
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