SHFE Silver Inventory & Settlement
Warehouse inventory, futures settlement prices, and open interest data
About SHFE Silver Data
SHFE silver inventory tracks physical silver bars stored in exchange-approved warehouses. Silver demand in China is increasingly driven by industrial applications, particularly solar panel manufacturing where China dominates global production. Combined with investment and jewelry demand, SHFE silver stocks provide an important window into Chinese physical supply conditions. This page also includes daily settlement prices, volume, and open interest data for all active silver futures contracts on the exchange, with historical data going back to 2020.
SHFE Silver Futures Contract Details
The SHFE silver futures contract has a standard lot size of 15 kilograms, priced in Chinese yuan (CNY) per kilogram. The minimum tick size is 1 CNY/kg, and contracts are available for delivery across multiple months throughout the year. Initial margin requirements are typically set at 8-12% of the contract value, with daily price limits of approximately 5-6% above or below the previous settlement price.
Physical delivery requires silver bars meeting SHFE specifications for weight and purity (minimum 99.99% Ag), stored in exchange-approved warehouses. The delivery process involves matching sellers with buyers during the delivery period, with settlement based on the final settlement price plus any applicable warehouse charges.
SHFE silver futures relate to the SGE Ag(T+D) deferred-delivery spot contract, which is the primary physical silver trading mechanism in China. While SHFE silver is used mainly for hedging and speculative purposes, the SGE Ag(T+D) contract facilitates actual physical delivery for industrial consumers and refiners. Comparing the two provides insight into whether speculative or physical demand is driving the Chinese silver market at any given time.
Understanding SHFE Silver Inventory Trends
SHFE silver warehouse stock levels serve as a barometer for physical silver supply availability in China. When stocks decline consistently, it indicates that physical withdrawals are outpacing deliveries, suggesting strong downstream demand. When combined with rising futures prices, inventory drawdowns point to a tightening physical market that may support further price increases.
A key driver of SHFE silver inventory changes is China's solar panel manufacturing industry. China accounts for the vast majority of global solar cell and module production, and silver paste is an essential component in photovoltaic cells. As solar installations continue to grow globally, the demand for industrial silver from Chinese manufacturers has become an increasingly important factor in SHFE stock movements.
Beyond solar, silver demand in China spans electronics manufacturing, brazing alloys, photography, and silverware. Seasonal patterns also emerge: industrial demand tends to strengthen during the spring and autumn manufacturing seasons, while investment demand may spike during periods of economic uncertainty or currency depreciation concerns.
Data Sources & Methodology
MetalCharts sources SHFE silver settlement prices and weekly warrant stock data from official Shanghai Futures Exchange data feeds. Settlement prices are updated daily after market close, covering all active silver futures delivery months with open, high, low, close, volume, open interest, and turnover figures.
Inventory data is published by SHFE on a weekly basis and includes per-warehouse breakdowns. Silver inventory figures are converted from kilograms to troy ounces on this page for consistency with international silver market conventions. Historical data is available going back to 2020.
Frequently Asked Questions
- How is SHFE silver inventory measured?
- SHFE silver inventory is measured in kilograms. Silver is stored as bars meeting exchange specifications in SHFE-approved warehouses across China.
- Why is SHFE silver inventory important?
- China is a major silver consumer for industrial applications including electronics, solar panels, and photography. SHFE silver stocks reflect domestic physical supply conditions.
- What drives SHFE silver inventory changes?
- Industrial demand (especially solar panel manufacturing), investment demand, and mine supply from domestic and imported sources all influence SHFE silver stock levels.
- What is the SHFE silver settlement price?
- The SHFE silver settlement price is the official daily closing benchmark calculated from the weighted average of trades during the settlement period. It is used for margin calculations, mark-to-market valuations, and physical delivery invoicing of silver futures contracts.
- What does declining SHFE silver inventory mean?
- Declining SHFE silver warehouse stocks typically indicate strong physical demand is drawing down available supply. When combined with rising futures prices, it suggests a tightening physical market. In China, silver drawdowns are often linked to surging demand from solar panel manufacturers, who require silver paste for photovoltaic cell production.
- How does SHFE silver relate to the SGE silver contract?
- SHFE silver is a futures contract (15 kg lot, CNY/kg) used primarily for hedging and speculation, while the SGE Ag(T+D) is a deferred-delivery spot contract used more for physical acquisition. Comparing the two provides insight into whether speculative or physical demand is driving the Chinese silver market.