India: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in India

In 2021, the Indian semi-manufactured silver market increased by 111% to $X, rising for the sixth year in a row after three years of decline. In general, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Semi-Manufactured Silver Production in India

In value terms, semi-manufactured silver production surged to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable downturn. Semi-manufactured silver production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Semi-Manufactured Silver Exports

Exports from India

In 2021, the amount of silver in semi-manufactured forms exported from India skyrocketed to X tons, picking up by 77% against 2020 figures. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 657% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, semi-manufactured silver exports surged to $X in 2021. In general, exports showed significant growth. The growth pace was the most rapid in 2020 when exports increased by 1,459%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

The UK (X tons) was the main destination for semi-manufactured silver exports from India, accounting for a 75% share of total exports. Moreover, semi-manufactured silver exports to the UK exceeded the volume sent to the second major destination, Canada (X tons), sixfold. The third position in this ranking was held by Australia (X tons), with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK totaled +203.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+49.2% per year) and Australia (+54.9% per year).

In value terms, the UK ($X) remains the key foreign market for silver in semi-manufactured forms exports from India, comprising 84% of total exports. The second position in the ranking was held by Canada ($X), with a 7.2% share of total exports. It was followed by Australia, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK amounted to +385.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+46.5% per year) and Australia (+49.5% per year).

Export Prices by Country

The average semi-manufactured silver export price stood at $X per ton in 2021, with an increase of 22% against the previous year. Overall, the export price saw a remarkable increase. The growth pace was the most rapid in 2020 an increase of 106%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+7.5%), while the prices for the other major destinations experienced mixed trend patterns.

Semi-Manufactured Silver Imports

Imports into India

In 2021, semi-manufactured silver imports into India skyrocketed to X tons, increasing by 66% on 2020 figures. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 282% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, semi-manufactured silver imports skyrocketed to $X in 2021. Over the period under review, imports saw a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 342%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

The UK (X tons), Hong Kong SAR (X tons) and Russia (X tons) were the main suppliers of semi-manufactured silver imports to India, with a combined 80% share of total imports. China, Switzerland, Kazakhstan, the Netherlands, the United States and South Korea lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +113.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest semi-manufactured silver suppliers to India were the UK ($X), Hong Kong SAR ($X) and Russia ($X), together accounting for 82% of total imports. China, Switzerland, Kazakhstan, the Netherlands, the United States and South Korea lagged somewhat behind, together accounting for a further 16%.

In terms of the main suppliers, the Netherlands, with a CAGR of +118.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average semi-manufactured silver import price stood at $X per ton in 2021, surging by 38% against the previous year. Overall, the import price, however, saw a pronounced setback. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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