China: Unwrought Silver Market 2024

Unwrought Silver Market Size in China

In 2021, the Chinese unwrought silver market decreased by -15% to $X, falling for the third consecutive year after two years of growth. In general, consumption recorded a slight decline. Unwrought silver consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Unwrought Silver Production in China

In value terms, unwrought silver production contracted to $X in 2021 estimated in export price. Overall, production showed a pronounced downturn. The pace of growth was the most pronounced in 2017 when the production volume increased by 50%. Unwrought silver production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports from China

In 2021, unwrought silver exports from China soared to X tons, increasing by 28% against the previous year. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2015 with an increase of 51%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, unwrought silver exports skyrocketed to $X in 2021. Overall, exports posted a prominent expansion. The growth pace was the most rapid in 2020 when exports increased by 85%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for unwrought silver exports from China, with a 99% share of total exports. It was followed by Thailand (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to +24.3%.

In value terms, Hong Kong SAR ($X) remains the key foreign market for silver, unwrought or in powder form exports from China, comprising 99% of total exports. The second position in the ranking was held by Thailand ($X), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled +20.3%.

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2021, with an increase of 18% against the previous year. Over the period under review, the export price, however, saw a pronounced curtailment. The pace of growth appeared the most rapid in 2020 an increase of 33%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Hong Kong SAR amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (-0.3%).

Unwrought Silver Imports

Imports into China

In 2021, the amount of silver, unwrought or in powder form imported into China was estimated at X tons, standing approx. at the year before. Overall, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 27% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, unwrought silver imports skyrocketed to $X in 2021. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 66%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of unwrought silver to China, with a 80% share of total imports. Moreover, unwrought silver imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was held by South Korea (X tons), with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.1% per year) and South Korea (+17.3% per year).

In value terms, Japan ($X) constituted the largest supplier of silver, unwrought or in powder form to China, comprising 86% of total imports. The second position in the ranking was taken by the United States ($X), with a 6.5% share of total imports. It was followed by South Korea, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +32.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.8% per year) and South Korea (-0.2% per year).

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2021, with an increase of 24% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unwrought silver import price increased by +37.4% against 2017 indices. The pace of growth appeared the most rapid in 2015 when the average import price increased by 46%. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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