China Silver Price Today | Shanghai Premium
Track China silver prices from Shanghai Gold Exchange vs US spot prices
Prices for informational purposes only. Not financial advice. The site is still in beta and there may be inaccuracies.
Price Comparison
Shanghai vs Western silver spot prices ($/oz)
What is the Shanghai Silver Price?
The Shanghai silver price refers to silver traded on the Shanghai Gold Exchange (SGE), China's primary spot market for physical precious metals. Unlike Western markets like COMEX (which trades mostly paper contracts), the SGE requires physical delivery, making it a key indicator of real Chinese silver demand. The SGE operates under the supervision of the People's Bank of China (PBOC) and is the world's largest physical precious metals exchange.
Why Shanghai Silver Trades at a Premium
The Shanghai silver premium exists because of China's unique market structure. Import quotas controlled by the PBOC limit silver supply, while strong domestic demand from jewelry manufacturing and industrial applications (especially solar panels) creates upward price pressure. Additionally, China's 13% VAT on silver imports, currency controls on the Yuan (CNY), and high transaction costs contribute to the premium. When Chinese buyers are willing to pay significantly more than global spot prices, it signals intense physical demand that may precede global price movements.
Shanghai Silver vs COMEX Silver
The key difference between Shanghai (SGE) and COMEX silver is physical vs. paper trading. COMEX, operated by CME Group in New York, primarily trades futures contracts where less than 1% result in physical delivery. The SGE, by contrast, is designed for physical settlement—traders take actual delivery of silver bars. This means SGE prices reflect genuine supply and demand for physical metal, while COMEX is more influenced by speculative positioning. The Shanghai Futures Exchange (SHFE) also trades silver futures but is separate from the SGE spot market.
How Shanghai Silver Prices Are Updated
Our Shanghai silver data updates hourly during SGE trading hours (Beijing time: 9:00-11:30 AM and 1:30-3:30 PM, Monday-Friday). We source official SGE benchmark prices and convert them from Chinese Yuan (CNY) per gram to USD per troy ounce for direct comparison with US spot prices. The premium calculation compares the SGE price against current US spot, accounting for real-time currency exchange rates. Historical data is preserved for trend analysis.
Frequently Asked Questions
- Can I trade on the Shanghai Gold Exchange from outside China?
- Direct SGE access is restricted to approved Chinese institutions. International investors can gain exposure through SGE-linked ETFs, Hong Kong gold connect programs, or by trading related futures on SHFE through qualified brokers.
- What does a negative Shanghai premium mean?
- A negative premium (discount) means Shanghai silver is trading below US spot prices. This typically signals weak Chinese demand, excess local inventory, or Yuan strength. It's relatively rare and often short-lived.
- When does the Shanghai premium typically spike?
- The premium often rises during Chinese holidays (Lunar New Year, Golden Week), wedding seasons, and periods of Yuan weakness. It can also spike when the PBOC restricts import licenses or during global supply disruptions.