Shanghai silver price reaches $112 per ounce ATH with $9 local premium over global market
On January 25 2026, silver in Shanghai climbed to $112 per ounce, setting a new all-time high and roughly doubling its level from November. The surge has pushed Chinese local premiums to about $9 per ounce above global prices, while refineries in Turkey, India, Korea, and the Middle East also report intense physical demand and depleted inventories. Market participants describe shortages of bars and coins across Asia, with banks rerouting shipments and buyers increasingly competing for limited supply.