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.

According to an SMM survey, the output of silver by-products from primary lead smelters in July fell nearly 5% MoM from June.

According to the SMM survey, in June, the production of #1 silver was 1,437.614 mt, of which mined silver accounted for 956.614 mt.

March 2024 #1 silver output was 1,554.57 mt, with 1,015.57 mt from mining, up 278.476 mt (21.82%) MoM and 11% YoY, mainly as silver prices rose for three consecutive weeks in March.

In March, SMM data showed that China's copper cathode output was 999,500 mt, an increase of 49,200 mt or 5.18% from the previous month, a year-on-year increase of 5.06%, and an increase of 29,300 mt from the expected 970,200 mt. The total output from January to March was 2.9196 million mt, an increase of 207,100 mt or 7.64% year-on-year.