Domestic silver prices continued to hold up well, with spot market premiums slightly lowered. In Shanghai, major silver ingot suppliers lowered their premiums against TD to 180-200 yuan/kg, while speculative selling by suppliers in Shenzhen increased compared to the previous day. Downstream end-users such as solder alloys remained cautious about high prices and purchased sparingly. However, the short buffer period for the cancellation of PV tax rebates prompted a rush to export orders, boosting industrial demand. Silver nitrate and silver powder production in January is expected to improve compared to December, with industrial consumption performing moderately.
