Silver prices across China moved sharply lower on Feb. 6, with steep declines recorded on both the Shanghai Gold Exchange and the Shanghai Futures Exchange. Despite the selloff, Shanghai silver continues to trade at a sizeable premium to global spot prices.
China silver price
518.12 CNY/oz (−18.93)
Daily change
−3.45%
Shanghai silver
$81.55 / oz
Global silver (XAG/USD)
$71.75 / oz
In local currency terms, silver was priced at 518.12 yuan per ounce, equivalent to 16.66 yuan per gram and 16,657.93 yuan per kilogram. The decline marked one of the sharpest daily moves of the week, even as longer-term performance remained strongly positive.
Over the past six months, China silver prices are still up nearly 96%, while the one-year gain stands above 130%. That longer-term strength contrasts with the abrupt short-term correction seen in early February.
In dollar terms, Shanghai silver was quoted at $81.55 per ounce, well above the global silver benchmark at $71.75. The resulting premium of roughly $9.80 per ounce remains a defining feature of the China market, signalling ongoing divergence between domestic pricing and international spot levels.
Daily exchange data for Feb. 6 showed broad weakness across precious metals in China, with silver leading the declines. Platinum and palladium also posted heavy losses, while gold recorded a more moderate pullback.
China SGE / SHFE Daily Metals Prices — Feb. 6, 2026
| Contract | Close (RMB) | Change | USD/oz |
|---|---|---|---|
| Silver (SGE T+D) | 18,188 | −8.53% | 81.51 |
| Silver (SHFE) | 18,799 | −14.92% | 84.25 |
| Gold (SGE) | 1,091.00 | −1.34% | 4,889.60 |
| Gold (SHFE) | 1,090.12 | −2.02% | 4,885.65 |
| Platinum (GFE) | 506.00 | −7.81% | 2,267.77 |
| Palladium (GFE) | 410.50 | −6.12% | 1,839.76 |
| Silver Vaults | Holdings | Change |
|---|---|---|
| SHFE silver vaults | 349,900 kg | −62,559 kg |
| SGE silver vaults (weekly) | 493,665 kg | −11,295 kg |
Feb. 6, 2026, the PM markets data in China. Credit – Bai, Xiaojun
The sharp reduction in SHFE silver holdings stands out as a key development. A one-day decline of more than 62 tonnes represents a significant shift in available exchange-tracked supply. Combined with reported withdrawals earlier in the week, inventory dynamics remain central to how traders are reading price action.
For readers following the numbers daily, keep the units clean: the China price panel is quoted in CNY per ounce (with per-gram and per-kilo conversions), while the Shanghai premium comparison is quoted in USD per ounce. If you want the source page for the CNY price snapshot used in this post, it’s from silverprice.org.
Taken together, Feb. 6 highlights a market under pressure in the short term, but still structurally supported by elevated domestic pricing and tight inventory signals. Whether the Shanghai premium narrows or persists will be closely watched as China’s precious-metals complex digests this correction.
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