On the production side, China's 1# silver output in February 2025 increased 0.81% MoM and 8.17% YoY.

[Vedanta Expands Value-Added Zinc and Aluminium Production] On May 13, 2025, Vedanta Limited announced a $1.5 billion expansion to boost value-added aluminium and zinc production. This includes a new 30 KTPA zinc alloy plant and a goal to raise value-added aluminium products to over 90% of its portfolio. Key products include billets and rolled aluminium used in aerospace, EVs, and solar sectors. Hindustan Zinc is introducing die-casting alloys (HZDA-3, HZDA-5) and exploring zinc battery technologies. Vedanta is also investing in critical minerals like copper and nickel, and expanding industrial silver output. The company continues to promote low-carbon metals through its Restora and EcoZen brands, aligned with India’s energy transition.

The latest data from SMM indicates that in April 2025, silver production declined slightly by 1% MoM and also decreased marginally by 0.94% YoY. As of now, the cumulative silver production in 2025 has reached 5,961 mt.

According to SMM, in April 2025, silver production recorded a 1% MoM decline and a 0.94% YoY decline. The cumulative SMM 1# silver production for 2025 reached 5,961 mt.

In March 2025, after a strong rebound at the beginning of the year, the silver market stabilized at a high level. However, changes in market structure and fluctuations in investor sentiment put pressure on prices. The TD-SHFE silver structure shifted from contango to back, and profit-taking sentiment among bulls intensified. Although strong industrial demand (new energy, PV, 5G, etc.) and the expected supply-demand gap provided support for prices, supply growth and mild downstream demand led to inventory accumulation. Uncertainty in US Fed policy, weak economic data, and profit-taking by bulls may limit the upside potential for silver prices, which are expected to maintain a fluctuating trend in the short term.

[SMM Analysis: Silver Prices Hit Record High, 2024 Silver Production Reaches New Peak] The silver market concluded 2024 with a price increase of nearly 30%, and the soaring prices also boosted production demand among smelters. According to SMM statistics, the production of No.1 silver in 2024 was 17,681.045 mt, up 8% YoY.