Precious metal prices strengthened today, and the spot-futures price spread between TD and the most-traded SHFE silver contract widened slightly. As month-end approached, many suppliers still held prices firm and were reluctant to sell. In the Shanghai market, during morning trading, mainstream quotations from suppliers of standard silver ingots were at premiums of 100-120 yuan/kg against TD, or at a premium of 30 yuan/kg against the SHFE silver 2604 contract, with transactions mainly driven by just-in-time procurement. Some smelters, concerned about a decline in premiums in April, proactively lowered premiums to 70-100 yuan/kg to sell off cargoes. It was understood that market quotations varied widely among different brands of circulating cargoes. Some non-registered brand silver ingots were sold off at reduced prices or with separated goods and invoices. Downstream buyers generally stayed on the sidelines and purchased cautiously, or made only limited just-in-time procurement. Actual transactions still mainly concluded after downstream bargaining and price cuts, and sluggish market trading conditions remained unchanged.

For almost four weeks, the war against Iran has kept the world on edge – a conflict that leaves deep marks not only geopolitically but also economically. Volatility and uncertainty in global markets are increasing daily.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

The current development of the gold price continues to cause frustration for many investors. Despite the ongoing uncertainty in the Middle East and the war involving the USA and Israel against Iran, gold has so far failed to gain lasting new momentum from these events.

Silver prices fluctuated in a narrow range and rose slightly today. The spot-futures price spread between TD and the most-traded SHFE silver contract changed little WoW, and as month-end approached, suppliers continued to hold prices firm and were reluctant to sell. In the Shanghai market, during morning trading, mainstream quotations from suppliers of standard silver ingots were at premiums of 120-150 yuan/kg against TD. However, as downstream consumption softened, some suppliers lowered premiums to 90-120 yuan/kg for limited transactions. It was learned that although suppliers held prices firm and were reluctant to sell, downstream buyers reported that due to factors such as the circulation of different brands in the market and cost differences among suppliers, quotation disparities remained wide. Actual transaction prices were at premiums of 70-100 yuan/kg against TD, and sluggish market trading remained unchanged.

In April, silver-bearing lead concentrates in the Chinese market remained relatively tight. Smelters generally said that despite intentions to rebound and increase, sellers' offers remained firm, with limited willingness to raise TCs. With silver prices trending weaker, some smelters cautiously stayed on the sidelines amid expectations of declining by-product revenues. A few small-scale smelters delayed start-ups or extended maintenance cycles, and their willingness to resume operations weakened somewhat. Although sentiment in the precious metals market is pessimistic in the short term, there is still a possibility of a catch-up rebound in silver prices over the medium and long term. At present, the payable indicators for silver content in lead concentrates with various silver grades have generally remained stable, and mines and smelters have not yet mentioned any intention to adjust the coefficients.