Shanghai Silver Price (SHAG)
| Shanghai benchmark (SHAG) | Bid | Ask | Change | % Change |
|---|---|---|---|---|
| Price Per Ounce | $74.60 | $75.40 | ▲ +$1.15 | +1.54% |
| Price Per Gram | $2.40 | $2.42 | ▲ +$0.04 | +1.54% |
| Price Per Kilo | $2398.32 | $2424.15 | ▲ +$36.88 | +1.54% |
Morning (AM) session
¥16,236/kg
$75.40 USD per troy oz
Afternoon (PM) session
¥16,063/kg
$74.60 USD per troy oz
Premium vs COMEX / global silver spot:
AM +13.8%
·
PM +12.6%
Latest SGE trade date: Sep 21, 2026
· USD/CNY (conversion): 6.6976
Premium history (SHAG vs COMEX)
Morning-fix premium in percent. Green shading above zero indicates Shanghai trading above COMEX; red below zero indicates a discount.
SHAG (morning fix) vs COMEX silver
Shanghai benchmark shown as the morning (AM) fix in USD per troy ounce. COMEX line is our daily average silver spot price (USD/oz) for the same calendar date.
Last 30 Trading Days
Premium uses SHAG in USD/oz vs same-day COMEX daily average. Weekends and holidays may appear with incomplete sessions.
| Trade date | AM ¥/kg | PM ¥/kg | AM $/oz | PM $/oz | COMEX avg $/oz | AM vs COMEX | PM vs COMEX |
|---|---|---|---|---|---|---|---|
| Sep 21, 2026 | ¥16,236 | ¥16,063 | $75.40 | $74.60 | $66.37 | +13.6% | +12.4% |
| Sep 18, 2026 | ¥15,989 | ¥16,214 | $74.25 | $75.30 | $66.43 | +11.8% | +13.3% |
| Sep 17, 2026 | ¥15,606 | ¥15,511 | $72.47 | $72.03 | $64.64 | +12.1% | +11.4% |
| Sep 16, 2026 | ¥15,509 | ¥15,735 | $72.02 | $73.07 | $64.12 | +12.3% | +14.0% |
| Sep 15, 2026 | ¥15,413 | ¥15,404 | $71.58 | $71.54 | $63.36 | +13.0% | +12.9% |
| Sep 14, 2026 | ¥15,602 | ¥15,527 | $72.46 | $72.11 | $63.42 | +14.2% | +13.7% |
| Sep 11, 2026 | ¥15,419 | ¥15,572 | $71.61 | $72.32 | $64.12 | +11.7% | +12.8% |
| Sep 10, 2026 | ¥16,323 | ¥16,400 | $75.80 | $76.16 | $65.60 | +15.6% | +16.1% |
| Sep 9, 2026 | ¥16,060 | ¥16,182 | $74.48 | $75.04 | $66.85 | +11.4% | +12.3% |
| Sep 8, 2026 | ¥16,259 | ¥16,091 | $75.35 | $74.57 | $66.22 | +13.8% | +12.6% |
| Sep 7, 2026 | ¥16,058 | ¥15,977 | $74.45 | $74.08 | $66.00 | +12.8% | +12.2% |
| Sep 4, 2026 | ¥16,285 | ¥16,225 | $75.51 | $75.23 | $66.44 | +13.6% | +13.2% |
| Sep 3, 2026 | ¥16,005 | ¥16,036 | $74.21 | $74.35 | $66.32 | +11.9% | +12.1% |
| Sep 2, 2026 | ¥15,505 | ¥15,595 | $71.90 | $72.31 | $64.50 | +11.5% | +12.1% |
| Sep 1, 2026 | ¥16,269 | ¥16,235 | $75.41 | $75.25 | $65.28 | +15.5% | +15.3% |
| Aug 31, 2026 | ¥16,177 | ¥16,229 | $74.98 | $75.22 | $66.56 | +12.6% | +13.0% |
| Aug 28, 2026 | ¥16,728 | ¥16,826 | $77.53 | $77.98 | $68.65 | +12.9% | +13.6% |
| Aug 27, 2026 | ¥16,856 | ¥16,707 | $78.12 | $77.43 | $68.88 | +13.4% | +12.4% |
| Aug 26, 2026 | ¥16,639 | ¥16,685 | $77.00 | $77.21 | $68.57 | +12.3% | +12.6% |
| Aug 25, 2026 | ¥16,826 | ¥16,612 | $77.85 | $76.86 | $68.42 | +13.8% | +12.3% |
| Aug 24, 2026 | ¥16,640 | ¥16,792 | $77.02 | $77.73 | $68.97 | +11.7% | +12.7% |
| Aug 21, 2026 | ¥16,632 | ¥16,733 | $76.97 | $77.44 | $69.19 | +11.2% | +11.9% |
| Aug 20, 2026 | ¥16,224 | ¥16,309 | $75.08 | $75.48 | $67.37 | +11.4% | +12.0% |
| Aug 19, 2026 | ¥15,446 | ¥15,337 | $71.49 | $70.98 | $64.53 | +10.8% | +10.0% |
| Aug 18, 2026 | ¥16,100 | ¥15,941 | $74.52 | $73.79 | $64.62 | +15.3% | +14.2% |
| Aug 17, 2026 | ¥16,031 | ¥16,029 | $74.17 | $74.16 | $65.75 | +12.8% | +12.8% |
| Aug 14, 2026 | ¥15,566 | ¥15,665 | $72.04 | $72.50 | $64.60 | +11.5% | +12.2% |
| Aug 13, 2026 | ¥16,020 | ¥15,817 | $74.14 | $73.20 | $64.90 | +14.2% | +12.8% |
| Aug 12, 2026 | ¥15,836 | ¥15,962 | $73.10 | $73.68 | $65.62 | +11.4% | +12.3% |
| Aug 11, 2026 | ¥16,053 | ¥15,720 | $74.06 | $72.52 | $65.05 | +13.8% | +11.5% |
What is the Shanghai Silver Benchmark (SHAG)?
The Shanghai Silver Benchmark Price (contract code SHAG) is a daily reference price published by the Shanghai Gold Exchange (SGE). It is determined in formal fixing auctions with a morning (早盘) and afternoon (午盘) session, quoted in CNY per kilogram of fine silver. Compare live dealer silver prices on FindBullionPrices when you are ready to buy physical metal.
Shanghai Gold Exchange vs COMEX: How the Markets Differ
| Feature | SGE (Shanghai) | COMEX (New York) |
|---|---|---|
| Primary function | Physical delivery market | Futures and options exchange |
| Settlement | Physical delivery standard | Mostly cash-settled; physical delivery available |
| Contract unit | Kilograms (CNY/kg) | Troy ounces (USD/oz) |
| Trading hours | 9:00–11:30, 13:30–15:30 (Shanghai time) | Nearly 24 hours (Globex) |
| Key demand drivers | Industrial, jewelry, investment | Speculative, hedging, institutional |
| Regulator | People’s Bank of China (PBOC) | CFTC / CME Group |
| Import controls | PBOC import quotas required | Open market |
| VAT | 13% on silver | None on futures |
| Inventory reporting | SGE vault data (weekly, silver) | Daily registered + eligible stocks |
See also the Shanghai gold benchmark (SHAU) pages.
Understanding China’s Silver VAT and Delivered Cost
China applies a 13% value-added tax on silver imports and domestic sales. The SHAG-vs-COMEX premium on this page is a pre-tax comparison. Physical buyers in China face a higher all-in cost.
Why China Drives Global Silver Demand
China accounts for a large share of global silver consumption. Three forces stand out:
- Solar manufacturing: China produces most of the world’s solar panels. Each panel uses roughly 10–20 grams of silver depending on cell technology (PERC, TOPCon, HJT).
- Industrial and electronics: China leads in electronics, EVs, and 5G infrastructure—all silver-intensive.
- PBOC policy: Import quotas directly affect the Shanghai premium. Tighter quotas raise domestic prices; easing narrows the spread.
Track the gold-to-silver ratio for context on relative value between the two metals.
Reading the Shanghai Premium: What Price and Inventory Signals Mean
| Rising Shanghai Premium | Falling Shanghai Premium | |
|---|---|---|
| Rising Inventory | Stockpiling ahead of expected demand or supply disruption | Demand cooling despite available supply |
| Falling Inventory | Strong demand drawing down stocks; tightest conditions | Weak demand and weak supply; transition phase |
The most bullish combination is a rising premium with falling inventory (demand exceeds supply). The most bearish is a falling premium with rising inventory (supply exceeds demand).
