Silver Market Report January 2015

Contents

Abstract 1
1 Chinese domestic financial overview 1
1.1 December CPI up 1.Asian Metal Copyright1 London Silver strengthens continuously in January 7 5.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 Copyright1 London Silver strengthens continuously in January 7 5Asian Metal Copyright