Silver Industrial Demand Rebounded in 2017; Mine Supply Recorded Second Consecutive Loss
These findings, along with other key segments of the silver market, are discussed in World Silver Survey 2018, released today by the Silver Institute and produced on its behalf by the GFMS Team at Thomson Reuters (GFMS).
Silver Industrial Demand
Global silver industrial fabrication demand returned to growth in 2017, increasing 4 percent to 599.0 Moz. This was the first rise in silver industrial fabrication since 2013. This growth was bolstered by another year of impressive photovoltaic demand, rising 19 percent in 2017, the result of a 24 percent increase in global solar panel installations. Brazing alloy and solder silver fabrication recorded a 4 percent annual rise to 57.5 Moz, boosted mainly by solid growth from China and Japan.
The surge in electronics, most notably in semi-conductor fabrication demand, led to the electrical and electronics segments delivering the first annual increase in offtake in this category since 2010, with 242.9 Moz consumed last year. Silver demand for the production of ethylene oxide retreated by a third from 2016 volumes to 6.9 Moz, mostly due to a decline in new installations. GFMS estimates that silver's use in photography, which fell by 3 percent last year to 44.0 Moz, appears to have stabilized, with renewed interest in various photographic applications utilizing silver, only falling marginally over the last few years.
Silver Jewelry and Silverware Demand
Silver jewelry demand moved 2 percent higher in 2017 to 209.1 Moz. India was chiefly responsible for the gain, rising 7 percent over 2016 volumes. Demand also picked up strongly in North America, with the United States posting a 12 percent rise to an all-time high. Global demand for silverware jumped by 12 percent last year to 58.4 Moz, led by a strong recovery in demand from India, which experienced a 19 percent increase. North America also posted solid gains, rising 5 percent to 1.6 Moz.
Global silver mine production fell by 4.1 percent in 2017, experiencing its second consecutive annual decline to record 852.1 Moz. The decline was mainly credited to a series of supply disruptions across the Americas. Another leading factor in the drop was due to the primary silver and gold sectors, where production fell by a combined 29.4 Moz. Of the key producing countries, Peru and China registered subtle dips, followed by more acute losses in Australia and Argentina. Offsetting those losses was higher output from Mexico, which was once again the world's top silver producing country, trailed by Peru, China, Russia and Chile.
Supply from primary silver mines decreased by 9 percent in 2017 to contribute 28 percent of total mine supply. The lead/zinc sector contributed 36 percent of by-product output, followed by copper at 23 percent and gold at 12 percent.
Silver scrap supply fell to 138.1 Moz, marking its sixth successive yearly decline. Lower scrap flows from Asia, mainly China, driven by a lack of incentives from both suppliers and consumers to recycle their valuables, is chiefly responsible for the fall. Supply from the western world was marginally higher, driven by increased volumes from the United States and Europe.
Above-ground stocks rose 3 percent last year. Of the four exchanges that report silver stocks, three saw total silver inventory growth of 2 percent in 2017; COMEX in the United States, the SHFE and the SGE in China. In contrast, silver inventories held at TOCOM declined dramatically by 98 percent, driven by strong industrial demand in Japan.
GFMS reports that government sales of silver were once again absent from the silver market in 2017. Lastly, in the supply category, the delta-adjusted hedge book inched higher by 1.4 Moz, ending last year at 21.5 Moz.
Silver Price and Investment
The annual average silver price fell by a slight 0.5 percent to $17.05/oz last year, with prices trading in a $15.22/oz - $18.56/oz range. That said, last year's average silver price represents an 8.7 percent increase over the average posted just two years ago of $15.68/oz.
Identifiable investment, which consists of net-physical bar investment, coins and medals purchased, and net-changes to exchange traded product (ETP) holdings, reached 153.5 Moz in 2017 a 40 percent decline from the previous year. This was primarily the result of a 35 percent decline in coin and medal fabrication, led by lower demand in the United States, Canada and China. Physical bar demand slipped by 16 percent last year.
In contrast, total global ETP holdings increased by 2.4 Moz to finish 2017 at 669.8 Moz. In value terms, total ETP holdings increased 4 percent to $11.3 billion, as the silver price advanced throughout the year.
About the World Silver Survey, the Silver Institute and Survey Ordering Information
The Silver Institute has published this annual report on the global silver market since 1990, to bring dependable supply and demand statistics to market participants and the public.The 28th edition of the Silver Institute's World Silver Survey was independently researched and compiled by the GFMS team at Thomson Reuters. World Silver Survey 2018 was sponsored by 20 companies and organizations from North and South America, Europe and Asia.
Copies of World Silver Survey 2018 are available to the media upon request, and a PDF version can be downloaded from the Institute's website at www.silverinstitute.org. In North America, hard copies may be purchased by the public from the Institute's website; for copies outside North America, please contact the GFMS team at Thomson Reuters via GFMS@thomsonreuters.com.
|Contact:||Michael DiRienzo, The Silver Institute||Johann Wiebe, GFMS Team at Thomson Reuters|
|+1 202-495-4030 (O)||+1 312-408-8761 (O)|
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Silver Institute via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
Two London ex-Bankers launch first UK regulated Digital Asset Trading Platform and Crypto exchange accessible to Institutional Investors16.7.2018 17:37 | Pressemelding
LONDON, July 16, 2018 (GLOBE NEWSWIRE) -- UK's first native crypto exchange platform is on its way to become a reality. Sovren Exchange, a venture founded by a team of London-based banking executives, has announced an Initial Coin Offering (ICO) to begin Q3 of this year. For their launch, Sovren (SVRN) is raising a maximum of 10 Million USD (combination of Equity Funding and its own Sovren Token) to create a hybrid order book and brokerage exchange platform that uses a trading engine supported by Artificial Intelligence (AI) and Robotic Process Automation (RPA). Sovren will have a fully compliant platform that will support trading in derivates, equities, commodities and securities. The platform will use intelligent automation to address liquidity challenges and a 3rd party custodial service for additional protection with a European Bank. Sovren is supporting trading between all major crypto assets and fiat currencies like pounds, euros, and dollars, aiming for same day service and low,
TANTALEX Announces Entering into An Agreement with Respect to the Acquisition of an Exploitation Permit for the Historical Manono-Kitotolo Mine Tailings16.7.2018 16:48 | Pressemelding
TORONTO and MUNICH, Germany, July 16, 2018 (GLOBE NEWSWIRE) -- TANTALEX Resources Corporation (CSE:TTX) (FSE:1T0) ("TANTALEX" or the "Corporation"), is pleased to announce that its 90% owned subsidiary Buckell SAS ("Buckell") has entered into an assignment agreement (the "Agreement") to acquire Mines d'Or Resources ("Minor") 65% participation in a joint venture entity to which will be transferred the PER 13698 (Permis Exploitation Rejets) ("PER 13698"). PER 13698 grants exclusive rights to mine the tailings of the historical Manono-Kitotolo mine for lithium, tin and tantalum. The new entity will be named Société des Tailings de Manono ("STM") and will be owned 65% by Buckell, 30% by La Congolaise D'Exploitation Minière ("La Cominière") and 5% by Minor. The closing of the contemplated transaction by Buckell is subject to various conditions and payments, namely, but not limited to, the successful transfer and registration of the PER 13698 in the name of the newly created entity STM with
2018 Farnborough Air Show Marks Debut of Bombardier New ATMOSPHÈRE Cabin16.7.2018 12:00 | Pressemelding
MONTRÉAL, July 16, 2018 (GLOBE NEWSWIRE) -- Bombardier Commercial Aircraft unveiled the interior of the first CRJ Series aircraft with the new ATMOSPHÈRE cabin design on the opening day of the Farnborough International Air Show in the United Kingdom. Bombardier showcased the new cabin alongside launch operator Delta Air Lines and supplier Zodiac Aerospace during its air show inauguration event. "Our product is evolving, and this signature cabin design represents the latest innovation to our very successful regional jet program," said Fred Cromer, President, Bombardier Commercial Aircraft. "This cabin design will add value to airlines, the feedback has already been very positive as demonstrated with the recent momentum we have gained in the market." The CRJ900 aircraft on static display at the airshow is painted in Delta Air Lines livery and fitted with the ATMOSPHÈRE cabin. Bombardier will also emphasize its presence at the airshow from July 16-20 with a display of a Q400 aircraft in t
Aviation Solutions Provider Hawker Pacific to Collaborate with Pratt Whitney Canada on Array of Engine Maintenance Services16.7.2018 11:00 | Pressemelding
Agreement covers most PWC engine models and Digital Engine Services in Asia Pacific and the Middle East FARNBOROUGH, England, July 16, 2018 (GLOBE NEWSWIRE) -- Pratt & Whitney Canada (P&WC), a subsidiary of United Technologies Corp. (NYSE:UTX), today announced it has signed an agreement with Hawker Pacific under which the two companies will work together in a number of areas to further enhance the delivery of customer services and solutions. The comprehensive agreement spans most P&WC engine models and diagnostics and prognostics products across all segments: business aviation, general aviation, offshore, utility, regional aviation and defense and security. "Our agreement with P&WC is a testament to our continued commitment to delivering world class services and support to customers in Asia Pacific and the Middle East," said Doug Park, COO, Hawker Pacific. "We are thrilled to be working closely with P&WC to further extend their world class service network and deliver exceptional value
Fortuna reports production of 2.3 million ounces of silver and 14,557 ounces of gold for the second quarter of 201816.7.2018 11:00 | Pressemelding
VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) is pleased to report production results for the second quarter of 2018 from its two operating mines in Latin America, the San Jose Mine in Mexico and the Caylloma Mine in Peru. The Company produced 2.3 million ounces of silver and 14,557 ounces of gold plus base metal by-products. Silver and gold production for the first six months totaled 4.7 million ounces and 29,597 ounces respectively; being 13 percent and 20 percent above the Company's mid-year projection. Fortuna is on schedule to produce 8.3 million ounces of silver and 48.3 thousand ounces of gold or 11.4 million Ag Eq1 ounces in 2018 in accordance with our production guidance (see Fortuna news release dated January 17, 2018). Second Quarter Production Highlights Silver production of 2,321,315 ounces; 10 percent increase over Q2 2017 Gold production of 14,557 ounces; in line with Q2 2017 Lead production of 7,186,541 pou
YouGov poll reveals UK adults are seeking innovative, digital payment experiences from their banks16.7.2018 01:04 | Pressemelding
New research showcases a list of innovative ways we'd like better protection against fraud and a more active role in controlling our payment cards· Switching cards on and off for better fraud controls, quickly reactivating blocked cards and mobile app based self-service is the future London, UK, July 16, 2018 (GLOBE NEWSWIRE) -- UK adults are ready for real-time interaction with their banks. The results of a recent YouGov survey, on behalf of Ondot, revealed today that online security and fraud prevention comes top in what Brits think banks should guarantee, with 60% wanting 'peace of mind' when using cards online. The survey also discovered that consumers are keen to play a much more proactive role in managing their personal finances. New ways of managing their card services before, during and after a payment; how, when and where cards are used and the ability switch your card 'on' and 'off' to create extra vigilance against fraud - are all important to today's card user. The omnibus
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom