Silver Market Report September 2014

Contents

Abstract 1
1 Chinese domestic financial overview 1
1.1 CPI up by 2.Asian Metal Copyright2% YOY in August 1 1.Asian Metal Copyright0% and PPI down by 1.2% YOY in August 1
1.2 PMI unchanged in September 2
2 International financial overview 3
2.1 Crude oil futures prices keep failing 3
2.2 US Dollar Off to a Strong Start in September 4
3 Company news 5
4 Chinese domestic market review 6
4.1 Silver price reaches new low under pressure from strong US dollar 6
4.2 Export decline and supply increases slightly 6
5 International market review 7
5.1 The strong US dollar returns and Loco London Silver reaches four-year low point 7
5.2 US dollar and US stocks skyrocket but gold ETF stocks decline continuously 8
6 Production data 9
6.1 Major Chinese silver smelters’ silver output down by 1.12% MOM in September 9
6.2 Silver ingot stocks at major Chinese silver smelters up by 25.29% MOM in late September 2014 10
7 Import and export data analysis 12
7.1 China’s silver ore/concentrate imports jump up by 129.66% MOM in August 12
7.2 Chinese gold ore and concentrate imports down by 30.74% MOM in August 14
8 Related industry developments 19
8.1 Anode mud and lead concentrate supply becomes tight on silver dropping price 19
9 Outlook for October 20


Graph

Graph 1: China’s CPI and PPI trend in 2012-2014 2
Graph 2: China’s PMI in 2012-2014 3
Graph 3: US crude oil futures price trend on major transaction market in September 4
Graph 4: US dollar index trend 5
Graph 5: Chinese silver ingot prices in September 2014 6
Graph 6: Loco London Silver trend in September 7
Graph 7: Gold inventories of the eight main ETFs worldwide Jan-Sep 2014 8
Graph 8: Silver inventories of iShare Silver trust Jan-Sep 2014 9
Graph 9: Chinese main silver smelters’ outputs Jan-Sep 2014 10
Graph 10: Silver ingot stocks in China Jan-Sep 2014 11
Graph 11: 11 China silver ore and concentrate imports Jan 2013-Aug 2014 12
Graph 12: China’s gold ore and concentrate import Jan-Aug 2014 14
Graph 13: China’s gold ore and concentrate import by regions Jan-Aug 2014 15
Graph 14: China’s gold ore and concentrate import August 2014 16
Graph 15: Palladium powder 99.95% prices in September 2014 20


Table 1 Silver ingot stocks of Henan, Zhejiang, Gansu and others in September 11
Table 2 China’s silver ore and concentrate imports by region in August 12
Table 3 The top ten exporters and their exports to China in August 15
Table 4 Top ten gold ore and concentrate importers in August 2014 and their imports: 16
Table 5 Itemized data for China’s import gold ore and concentrate in July 17












.Asian Metal Copyright2 Export decline and supply increases slightly 6 5 International market review 7 5Asian Metal Copyright