Mineweb reported yesterday that India’s June 2014 silver imports came to a total value of $212.8 million; that’s a 53.4-percent decrease from the year-ago period.
As quoted in the market news:
Suresh Hundia, managing director of Hundia Exports, one of the largest importers of silver added, “Silver imports fell sharply in June due to overall weak sentiment in the jewellery markets. The manufacturing sector, which constitutes around two third of consumption, is also facing a slowdown, resulting in lower demand.”
Market sources added that import of silver in the calendar year of 2013 was around 5,819 tonnes, the highest ever. The previous high was in 2008, when import was 5,048 tonnes. However, despite the fall in June, sources said the first half of 2014 has seen silver imports at 2,882 tonnes, as against 2,980 tonnes last year, for the first six months of 2013.
Traders added that the 2014 silver imports were expected to close at around 5,000 tonnes.