Silver market report March 2014

Contents
Abstract 1
1. Financial overview 1
1.1 Chinese domestic financial overview 1
1.1.Asian Metal Copyright3 Chinese palladium import up by 33.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright4 Chinese platinum import up by 12% MOM in February 12 6.Asian Metal Copyright0% YOY, PPI down by 2.0% YOY in February 1
1.1.2 PMI rebounds slightly in March 2
1.2 International financial overview 3
1.2.1 Future prices of crude oil drop sharply 3
1.2.2 US dollar index fails to rebound 4
2 Company news 5
3 Chinese domestic market reviews 6
3.1 Silver price goes down with fluctuation and wait-and-see attitudes 6
3.2 Smelters sell silver actively with production increasing 7
4 International Market reviews 7
4.1 Fed cuts down QE again and Loco London Silver retreats 7
4.2 Gold’s risk-aversion glamour raise and gold inventories of ETFs increase 8
5 Production data 10
5.1 Chinese main silver smelters’ output up by 12.74% MOM in March 10
5.2 Silver ingot stocks at Chinese primary smelters up by 9.27% MOM in March 11
6 Import data analysis 12
6.1 Chinese silver import up by 75.49% MOM in February 12
6.2 Chinese silver ore and concentrate import up by 3.15% MOM in February 12
6.3 Chinese palladium import up by 33.65% MOM in February 12
6.4 Chinese platinum import up by 12% MOM in February 12
6.5 Chinese gold ore and concentrate import down by 0.11% MOM in February 12
7 Related industry developments 12
7.1 Photovoltaic Industry rebounds and demand for silver powder to increase 12
7.2 Silver smelters run normally with enough anode mud supply 12
7.3 Unrest in Ukraine stimulates palladium price continuously 12
8 Outlooks for April 12
Picture

Picture 1 CPI and PPI trends in China from 2013 to 2014 2
Picture 2 PMI trend from 2013 to 2014 3
Picture 3 Trend of main contract prices of American crude oil in March 4
Picture 4 US dollar index trend 5
Picture 5 Silver prices in March 2014 7
Picture 6 Loco London Silver trend in March 8
Picture 7 Gold inventory of 8 main ETFs in global in Q1 2014 9
Picture 8 Silver inventory of iShare Silver trust in Q1 2014 10
Picture 9 Chinese main silver smelters’ output Jan-Mar 2014 11
Picture 10 Chinese silver import in 2013-2014 12
Picture 11 Chinese silver ore and concentrate import by exporters 2013-2014 12
Picture 12 Chinese silver ore and concentrate import 2013-2014 12
Picture 13 Chinese palladium import 2013-2014 12
Picture 14 Chinese platinum import 2014 12
Picture 15 China’s gold ore and concentrate import by regions in February 12
Picture 16 Palladium powder 99.95% prices in March 2014 12

Table 1 Silver stocks in China by region 11
Table 2 The three largest silver exporters to China in February 2014 12
Table 3 China’s silver import by products category in February 12
Table 4 The three largest palladium exporters to China in February 2014 12
Table 5The three largest platinum exporters to China in February 2014 12
Table 6 China top ten gold ore and concentrate import companies in February 12
Table 7 China’s import gold ore and concentrate in detail in February 12

.Asian Metal Copyright5 Chinese gold ore and concentrate import down by 0Asian Metal Copyright