Silver market report January 2013

Contents
Abstract 1
1 Financial review 1
1.1 Domestic financial review 1
1.1.Asian Metal Copyright1 Silver price up by 8.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright3 Silver production to increase in 2013 8 4 International Market review 9 4.Asian Metal Copyright5%, PPI down by 1.9% Y-o-Y in December 1
1.1.2 China’s PMI declines steadily in January 2
1.2 International financial review 3
1.2.1 International crude oil futures rebound rapidly in January 3
1.2.2 US dollar index declines with improved Europe situations 4
1.2.3 Global economy recovers in 2013, nonferrous metal market to perform well 5
2 Company news 5
3 Chinese domestic market reviews 7
3.1 Silver price up by 8.4% MOM in January 7
3.2 Smelters hold back from selling silver supply tight 8
3.3 Silver production to increase in 2013 8
4 International Market review 9
4.1 Easing expectation support, LME silver increase 9
4.2 Gold ETF inventory rebound and silver ETF inventory increases 10
5 Production data 11
5.1 Chinese top ten silver smelters’ production is 5,080t in 2012 11
6 Import & Export data analysis 12
6.1 Chinese silver import down by 2.8% in December MOM 12
6.2 Chinese silver powder import up by 15.26% in December MOM 13
6.3 Chinese palladium import down by 19.2% in December MOM 13
6.4 Chinese silver ore and concentrate import up by 55.15% in December MOM 14
6.5 Chinese gold ore import down by 54.72% MOM in December 14
6.6 Chinese silver nitrate import down by 32.3% MOM in December 15
7 Related industry developments 15
7.1 New consumption market immature Silver nitrate buyers’ market sluggish 15
7.2 Anode mud deals thin in January 15
8 Outlooks for February 16
Picture

Figure 1 China’s CPI and PPI in 2011-2012 2
Figure 2 China’s PMI in 2011-2012 3
Figure 3 Main contracts prices of US crude oil futures in January 4
Figure 4 US dollar index trend 5
Figure 5 Silver prices in January 2013 8
Figure 6 Loco London Silver trend in December 10
Figure 7 Gold inventory of 8 main ETFs in global 11
Figure 8 Silver inventory of iShare Silver trust 11


Table1 Companies to increase production in 2013 9
Table 2 Top ten silver producers in China 12

.Asian Metal Copyright2 Anode mud deals thin in January 15 8 Outlooks for February 16 Picture Figure 1 China’s CPI and PPI in 2011-2012 2 Figure 2 China’s PMI in 2011-2012 3 Figure 3 Main contracts prices of US crude oil futures in January 4 Figure 4 US dollar index trend 5 Figure 5 Silver prices in January 2013 8 Figure 6 Loco London Silver trend in December 10 Figure 7 Gold inventory of 8 main ETFs in global 11 Figure 8 Silver inventory of iShare Silver trust 11 Table1 Companies to increase production in 2013 9 Table 2 Top ten silver producers in China 12 Asian Metal Copyright