The AIS scholarship holder finished 0.36 seconds behind Michel Mulder from the Netherlands, with Mirko Giacomo Nenzi from Italy in third, a further .08 seconds back.
It is the first major long track race in 2014 and the last big event before the Sochi Olympic Winter Games on the long track calendar.
Greig’s coach, Desly Hill, was delighted with the performance of the young Australian, who will compete in both the 500 meter and 1000 metre races in Sochi.
“Breakthroughs like these are an accumulation of everyone's hard work, and Daniel has worked incredibly hard,” Hill said.
Greig will now compete in the 1000 metre race tomorrow.
“He is smiling today and ready to try again tomorrow,” Hill said.