Silver Market Report January 2015

Contents

Abstract 1
1 Chinese domestic financial overview 1
1.1 December CPI up 1.Asian Metal Copyright70% MOM in December 2014 15 7.Asian Metal Copyright5% YOY PPI down 3.3% YOY in China 1
1.2 China’s December PMI drop 0.2% 2
2 International financial overview 3
2.1 Crude oil futures prices fluctuated but ended with stability 3
2.2 US dollar went up continuously in January 4
3 Company news 5
3.1 Anyang Minshan’s lead smelter halts production for maintenance in mid-January 5
3.2 Haicheng Chengxin obtains silver ingot in late January 5
4 Chinese domestic market review 6
4.1 Silver prices continue to strengthen on the Chinese spot market in January 6
4.2 Discount for silver ingot prices declined late January 7
5 International market review 7
5.1 London Silver strengthens continuously in January 7
5.2 Silver ETFs stocks continue to decline in January 2015 8
6 Production data 9
6.1 Major Chinese silver smelters’ silver output down by 2.79% MOM in January 9
6.2 Silver ingot stocks at major Chinese silver smelters up by 12.33% MOM in late January 2015 12
7 Import and export data analysis 13
7.1 China’s silver ore/concentrate imports down by 30.57% MOM in December 13
7.2 China’s silver imports up by 2.70% MOM in December 2014 15
7.3 China’s gold ore/concentrate imports up down by 25.58% MOM in December 19
8 Related industry developments 22
8.1 Lead smelters cut production but production stable in copper smelters 22
8.3 Chinese palladium powder prices consolidate in January 2015 23
9 Outlook for silver market 24


Graph

Graph 1 CPI and PPI in China 2
Graph 2: China’s PMI in 2014 3
Graph 3: US crude oil futures price trend on major transaction market in January 4
Graph 4: US dollar index trend 5
Graph 5: Chinese silver ingot prices in January 2015 7
Graph 6: Loco London Silver trend in January 8
Graph 7: Silver inventories of iShare Silver trust Jan 2014-Jan 2015 9
Graph 8: Ratios of silver smelters in different scales in China 10
Graph 9: Chinese main silver smelters’ outputs Jan 2014-Jan 2015 11
Graph 10: Silver ingot stocks in China Jan 2014-Jan 2015 12
Graph 11: 1 China silver ore and concentrate imports Jan 2013- Dec 2014 14
Graph 12: China’s silver imports by product category and proportions in December 17
Graph 13: China’s gold ore and concentrate import Jan-Dec 2014 19
Graph 14: Loco London Palladium prices in January 2015 23
Graph 15: Palladium powder 99.95% prices in January 2015 24


Table 1: Silver output in Hunan, Henan and Zhejiang in January 10
Table 2 Silver ingot stocks held by smelters in Henan, Zhejiang, Gansu in January 12
Table 3 China’s silver ore and concentrate imports by region in December 14
Table 4: China’s silver import volumes and origins in December 15
Table 5: China’s silver imports by product category in December 16
Table 6: China’s silver export by country in December 18
Table 7: China’s silver exports by product category in December 18
Table 8: China’s gold ore/concentrate imports by country in December 20
Table 9: China’s gold ore/concentrate imports by country in 2014 20
Table 10 Top ten gold ore and concentrate importers in China in December 2014 22





.Asian Metal Copyright70% MOM in December 2014 15 7Asian Metal Copyright