August Silver Output Sees Modest Increase Amid Weakened PV Demand
Silver production in August saw a modest increase of 0.5% month-over-month, reaching 1,564 metric tons according to Shanghai Metals Market (SMM) #1 data.
This growth is largely due to production resumptions at some enterprises, despite ongoing maintenance at lead-zinc smelters.
Cumulative silver production for the first eight months of this year stands at 12,963 metric tons, a 4.7% year-over-year increase.
Silver nitrate production, however, continued to decline with an 18% drop in January-August output compared to last year.
Spot premiums remained at a discount of 10 yuan per kilogram to the London Metal Exchange (LME) price due to weak photovoltaic demand and a roughly 14% rise in silver prices in August dampening downstream purchase willingness.