For the fifth consecutive year, the fabrication demand for silver exceeded total new supply. The deficit of new supply relative to industrial use in 1994 rose 18 percent to 6 kt (195.7 million oz) from 5.1 kt (165.9 million oz) the year before, according to CPM Group's Silver Survey 1995. Even though the price of silver climbed 22.8 percent in 1994 to an average 85.28/oz, it was still low relative to the supply deficit. Adjusted for inflation, silver prices rose 19.7 percent in 1994. That was the highest level since 1990 but below those levels that persisted from 1962 through 1990, the report stated. The cumulative shortfall of new supply from 1990 through 1994 was 15.2 kt (490.7 million oz). And CPM predicts that new silver supplies will fall short of fabrication demand in 1995, totaling about 5.9 kt (190.4 million oz). Total new supply of silver in 1994 fell to 14.6 kt (469.8 million oz), a 1 percent decline from 1993's 14.7 kt (474.7 million oz). Total supply in 1995 is projected to recover 5.6 percent to about 15.4 kt (496 million oz). Total mine production in 1994 decreased 3.4 percent to 10 kt (322.7 million . oz).Canada suffered the most due to lower production at primary silver mines and reduced lead, zinc and copper output at mines where silver is recovered as a byproduct US production also declined. Silver production in Mexico, however, increased from 1.9 kt (61 million oz) in 1993 to 2 kt (65 million oz) last year. Peruvian output also increased 31 t (1 million oz) to 1.5 kt (48 million oz).
展开▼
