China is experiencing historic demand for silver: Chinese silver imports rose +78% MoM, to a record ~836 tonnes in March. This is +173% above the 10-year seasonal average for March.

Year-to-date, silver imports are up to ~1,626 tonnes, the highest on record.

Surging demand was driven by retail investors purchasing small silver bars as a lower-cost alternative to gold, and solar manufacturers front-loading production ahead of the removal of export tax rebates on April 1st.

The global solar industry consumes ~20% of total annual silver supply, with the majority of activity concentrated in China.

China’s demand for silver is exploding.