China Silver Price Today in USD
Live Chinese silver price in dollars from the Shanghai Gold Exchange (SGE), with the China premium vs US spot.
Silver Price in Yuan: China vs Western
China benchmark and Western spot in Chinese yuan per kilogram (¥/kg)
How China prices silver
There is no separate "Beijing" or "mainland" silver fix , China's national silver price is published by the Shanghai Gold Exchange (SGE) in Shanghai. The SGE is China's only authorized spot venue for physical precious metals, operating under the People's Bank of China (PBOC). Its silver benchmark, quoted in Chinese Yuan per kilogram, is what Chinese banks, refiners, and jewelers reference when they price silver domestically. When you search for the "China silver price," the SGE benchmark is the number you are looking for.
Why China's silver price runs above the US spot price
Silver in China is structurally more expensive than silver in the US for three reasons. First, the PBOC controls silver import licenses, which caps how much foreign silver can land each year. Second, China consumes more silver than any other country, Chinese solar manufacturing alone (~80% of global panel output) absorbs hundreds of millions of ounces annually. Third, capital controls on the Yuan limit cross-border arbitrage that would otherwise close the gap. The result is a persistent "China premium" over the US spot price, typically running from a few percent to more than 10% of the US price, which widens during solar buildout cycles, Lunar New Year, and periods of Yuan weakness.
Converting China's silver price into US dollars
The SGE quotes silver in CNY per kilogram. To compare with the US spot price (quoted in USD per troy ounce), two conversions are needed: a unit conversion and a currency conversion. The formula is:
Price (USD/oz) = Price (CNY/kg) × 31.1035 ÷ 1000 ÷ (USD/CNY rate)
31.1035 is the number of grams in a troy ounce (the precious-metals standard, not the everyday avoirdupois ounce of 28.3495 g). All of this happens automatically in the live price card above, which uses real-time USD/CNY rates and the latest SGE quote published during Beijing trading hours.
What the China silver premium tells you
The premium is the cleanest single signal of physical silver demand in Asia. Because the SGE settles physically (unlike COMEX, which is over 99% paper), a wider premium means real buyers are willing to pay more for actual metal , not for a futures contract that will be rolled or cash-settled. Things to watch:
- Widening premium with rising US prices: usually confirms a real demand-driven move. Both markets agree.
- Widening premium with falling US prices: a divergence worth investigating. Asia is buying physical while Western paper sells , often a setup for a US-side reversal.
- Premium collapsing toward zero: Chinese physical demand is weakening, or import licenses just opened up and supply caught up.
- Negative premium (China discount): rare. Either Chinese demand has fallen sharply or the Yuan strengthened fast enough to make local silver look cheap.
How China's silver market is structured
China's silver market has two main venues, the SGE for spot and the Shanghai Futures Exchange (SHFE) for futures, both based in Shanghai but serving different functions.
| Venue | Function | Used by |
|---|---|---|
| SGE | Physical spot benchmark | Banks, refiners, jewelers |
| SHFE | Silver futures (Ag T+D) | Industrial hedgers, traders |
| PBOC | Import licensing | Approved import banks only |
When this page says "China silver price," it means the SGE spot benchmark unless otherwise stated. For a deeper look at the SGE itself, including the SHFE warehouse stock data and the full historical premium, see our Shanghai silver premium page.
Frequently Asked Questions
- How is the China silver price set?
- China's official silver benchmark is published by the Shanghai Gold Exchange (SGE), the country's primary spot market for physical precious metals. The SGE quotes silver in Chinese Yuan per kilogram (CNY/kg) during Beijing trading hours. We convert that benchmark to US dollars per troy ounce using the live USD/CNY exchange rate so it can be compared directly with the US spot price.
- Why is silver in China more expensive than in the US?
- China imposes import quotas controlled by the People's Bank of China (PBOC) and levies a 13% VAT on silver imports. Demand is also structurally higher because China produces roughly 80% of the world's solar panels, each of which uses around 20 grams of silver. The combination of restricted supply and large industrial demand keeps China's silver price persistently above the US spot quote, that gap is the 'China premium' or 'Shanghai premium.'
- Does the China silver price include VAT?
- No. Both the SGE benchmark and the US spot price we compare it against are quoted pre-VAT, so the headline China silver premium is a clean pre-VAT-vs-pre-VAT spread. The 13% silver import VAT and PBOC license costs show up in landed and retail prices but not in the headline premium.
- What's the difference between the China silver price and the Shanghai silver price?
- They are the same number. 'China silver price' is the general phrasing, and 'Shanghai silver price' refers to the exchange that publishes it. The Shanghai Gold Exchange is China's official venue for silver price discovery, so the SGE benchmark is China's national silver price.
- Can I buy silver at the China price from outside China?
- No. Direct SGE access is restricted to approved Chinese institutions, and physical silver settled on the SGE cannot be exported. International investors can get indirect China exposure through SGE-linked ETFs, SHFE silver futures via qualified brokers, or by tracking the China premium as a leading indicator of global physical demand.
- Why does the China silver price move before US prices?
- Because the SGE requires physical delivery (unlike COMEX, where less than 1% of contracts deliver), Shanghai prices react first to real changes in industrial and investment demand. When the China premium widens, it often signals that physical silver is tightening before Western paper markets price it in.