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By 60% Silver Import Increased

In October 2017, there is an increase in the imports of the country of silver by nearly 60% and reached 4,200 tonnes when seen by a Y-O-Y (year on year) comparison. About 5,000 tonnes of the metal would be imported, said by the Thomson Reuters GFMS.

Both from industry and the rural consumers, the demand has improved. After the fall last year, the industry seems to be restocking. Next year the import demand will increase by a further 10%, estimated by the Thomas Reuters GFMS.

In 2015, silver imports fell from a high of 7,955 tonnes to 2,794 tonnes in 2016. After seeing demonetization happen, the dealers are moving to banking channels so the industry is seeing a rise in cheque deals. The wholesalers have shifted to cheques and the unaccounted silver is mainly from customers that sell jewellery or silver bars to the jewellery retailers asking cash in exchange.

As per industry, the investment demand is low whereas industrial and consumer demand is high as people are more into equity this year. In 2018, the demand will be affected by price and this is only the expectation.

This year, the Thomas Reuters GFMS institute in Washington has told that “The price has averaged $17.16/oz so far, said in its report. For the season as a whole, the GFMS group at Thomson Reuters predictions the cost to regular $17.13/oz, partially reduced than the 2016 yearly regular of $17.14/oz. in 2017, the market is expected to switch to a small annual physical surplus of 32.2 million oz after posting annual physical shortfalls for four years. in 2017, the total silver supply is forecast to remain broadly flat standing at 1,008.4 million oz. in 2017, the Total physical demand is forecast to drop by 5% to a total of 976.1 mn oz, led by a distinct fall in retail investment, although an economic restoration in silverware demand and a moderate restoration in jewelry and commercial manufacturing should help to offset some of that.”

In 2016, the silver demand for investment in the international market was at 205 tonnes and is expected to fall to 130 tonnes.