Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

The latest report released by WPIC on March 4 showed that by 2026, the global platinum market would face a deficit for the fourth consecutive year, with a shortfall of 240,000 troy ounces (about 7 mt). Current above-ground stocks could meet just over four months of market demand. In terms of supply, mine supply remained stable (173 mt), while recycling volume rose 10% to 57 mt; with no major new mines coming on stream, supply elasticity was extremely low. Demand side, industrial demand rebounded 11%, investment demand surged 35% to 23 mt (a new record), while demand in the automotive and jewelry sectors edged down slightly.

[SMMS Morning Meeting Summary: Last Week the Tin Market Showed a Pattern of Wide Swings at High Levels with Strong Macro Disturbances]

The silver price’s blistering rally came to an abrupt halt on Friday as XAG/USD collapsed by almost 30%, briefly plunging from Thursday’s record high above $120 to near $83.

At the 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit - Main Forum hosted by SMM Information & Technology Co., Ltd., Allen Cui, Director of SMM Nonferrous Consulting, shared insights on the topic of "Prospects for the Development of the Global Secondary Metal Industry."

[SMM Morning Meeting Summary: Last Week, SHFE Tin Prices Showed a "Rise Then Fall" Trend, with the US Fed Maintaining Interest Rates Unchanged for the Third Consecutive Time] Last week, SHFE tin prices showed a "rise then fall" trend. At the beginning of the week, restocking demand was released, and restocking sentiment briefly heated up after the holiday. The price of the most-traded SHFE tin contract (SN2506) fluctuated around 260,000 yuan/mt. In the mid-week, prices jumped initially and then pulled back. Boosted by expectations of RRR cuts and interest rate cuts by the PBOC and Sino-US economic and trade talks, SHFE tin prices surged to 262,000 yuan/mt in the morning session, but pulled back in the afternoon due to uncertainties surrounding US tariff policies and a strengthening US dollar, closing at 261,480 yuan/mt, down 0.16%. Macro pressures: The US Q1 GDP contracted 0.3% QoQ, and core PCE inflation rose to 3.5%, intensifying market concerns about an economic downturn. The US dollar index fluctuated at highs, suppressing the non-ferrous metals sector. Prices fluctuated downward over the weekend. After opening, the most-traded SHFE tin contract fluctuated lower, closing at 259,980 yuan/mt at midday, down slightly by 0.26% during the day. On the international macro front, the US Q1 GDP contracted 0.3% QoQ, core PCE inflation rose to 3.5%, consumer confidence fell to a historic low, and the manufacturing PMI dropped to 48.7, indicating increased downward pressure on the economy. The US Fed maintained interest rates unchanged for the third consecutive time, emphasizing in its statement the rising risks of inflation and unemployment. The US dollar index fluctuated at highs, suppressing the overall valuation of the non-ferrous metals sector. Domestic tin mine supply remained constrained by the slow resumption of production in Myanmar's Wa region and the phased resumption of production at the Bisie tin mine in the DRC...