According to SMM Today, silver ingot spot transactions were mainly concluded at slight premiums or at parity. The domestic market remained relatively quiet, with overall trading activity subdued amid a slight downtrend in precious metals. Although prices softened in the broader precious metals complex, the silver ingot spot market did not see aggressive selling. Instead, most holders showed little willingness to release cargo at lower levels.
Early morning quotes from traders were reported at TD+30–40 yuan/kg, reflecting a firm pricing stance despite sluggish transaction volumes. The market tone was therefore not one of heavy liquidation, but rather of cautious firmness. A major reason behind firm offers is that some smelter supply is not expected to enter the market until late April. With near-term supply still somewhat constrained, traders have generally been reluctant to sell into a soft demand environment. In addition, the market is currently influenced by position rollover and delivery needs, prompting many traders to hold cargo and wait for clearer direction.
This combination of delayed smelter arrivals and trader caution has helped keep spot prices supported. Even though the broader market lacks momentum, there is no strong pressure from the supply side to force discounts.
While sellers are holding prices firm, buying interest downstream remains weak. Fabricators and end-users have shown limited purchasing appetite, and most buyers continue to prefer negotiated deals over firm offers. This has left the market in a stalemate: sellers are unwilling to cut prices, but buyers are not rushing to secure material. As a result, most transactions today are still concluded through price negotiation, rather than through active buying at quoted premiums. This highlights the disconnect between firm seller expectations and soft real demand.
The cautious mood in the physical silver ingot market is unfolding against a backdrop of extreme volatility in global precious metals markets. Since the outbreak of the US-Iran war on February 28, 2026, both financial and commodity markets have experienced sharp corrections and dramatic swings.
Gold initially surged to $5,419 per ounce in the first two days of the conflict, but later dropped back to $4,099 over the following three weeks. Silver came under even greater pressure, falling from a high of $96.42 to $61.00, a decline of 36.8%. Although both metals staged a recovery after the panic lows of March 23, gold rebounding to $4,800 and silver to $76.41, that rebound has proved fragile.
On Maundy Thursday, April 2, 2026, markets turned sharply lower again after US President Trump announced that attacks would continue overnight. Gold fell from $4,800 to $4,554, while silver slid from $76.41 to $69.63, dropping 8.84% within eight hours. At the same time, oil prices rose 12.13%, and the US 10-year Treasury yield climbed to 4.37%, underscoring the broader instability across asset classes.
Two opposing forces are therefore shaping the silver ingot market. On one side, delayed smelter supply and firm trader behavior are preventing a sharp drop in spot premiums. On the other hand, weak downstream demand and broader macro uncertainty are limiting buying enthusiasm.
This reflects a broader global picture in which geopolitical tensions, rising bond yields, commodity dislocations, and liquidity constraints are contributing to a highly unstable environment. Market participants are reacting not only to local supply-and-demand fundamentals but also to the broader fear and uncertainty dominating global markets.
From a technical perspective, silver remains in a correction despite its rebound from the March lows. After rising an extraordinary 945% from the pandemic low of March 16, 2020, silver reached an all-time high of $121.67 on January 29, 2026. Since then, the correction has pushed prices down to $61, roughly a 50% decline from the peak.
On the weekly chart, silver has already broken through both the 38.2% and 50% Fibonacci retracement levels, suggesting that the correction may not yet be complete. The next major Fibonacci support lies at $53.67, near the broader support zone around $50, which has previously acted as decades-long resistance. On the daily chart, however, a tentative recovery is still in place. A stochastic buy signal has emerged, and as long as silver holds above $68, there is still room for a recovery toward $80-$83. That said, the sharp Maundy Thursday sell-off has raised doubts about how sustainable this rebound really is. To significantly improve the technical picture, silver would need to break above the falling 50-day moving average near $82.80.
In the short term, the silver ingot market is likely to remain characterized by firm spot offers, weak buying interest, and negotiated transactions. The expected arrival of additional smelter supply in late April could become an important test for current premiums, particularly if downstream demand does not recover. For now, the market remains quiet rather than weak in a dramatic sense. Sellers are not eager to cut prices, but buyers are equally unwilling to chase material. This means the market is holding steady, but without strong conviction on either side.
Today’s silver ingot market presents a picture of cautious firmness. Spot trades remain mainly at slight premiums or parity, supported by delayed smelter supply, trader reluctance to sell, and rollover-related holding behavior. At the same time, weak downstream demand and low purchasing appetite are keeping transaction volumes subdued and forcing most deals into negotiated territory.
Beyond the physical market, silver continues to reflect the instability of the broader global financial system. Geopolitical escalation, sharp price volatility, and shifting macro conditions have created an environment in which even traditional safe-haven assets face sudden corrections. In this context, silver’s current recovery remains fragile. Still, despite short-term turbulence, silver retains its long-term significance as a hard asset tied to scarcity, substance, and true ownership. That is why, even in a market defined by hesitation and volatility, it continues to command strategic attention.