25.04.2026 20:10
China's record-level silver imports in March changed market balances. While increasing demand and supply concerns create upward pressure on prices, analysts highlight the possibility that silver prices could test the $84 per ounce level within the year.
China's approximately 836 tons of silver imports in March shook the global market balance. Increasing investor interest and demand from the solar energy sector are driving price expectations higher, with experts suggesting the ounce price could test $84 within the year.
RECORD IMPORTS ATTRACT ATTENTION
China, the world's largest silver consumer, made one of its most notable moves in recent years with approximately 836 tons of imports in March.
This amount reached about three times the 10-year March average of 306 tons, reshaping the global supply-demand balance.
TWO MAIN FACTORS DRIVING DEMAND
Two key factors stand out behind the record imports.
First, due to high gold prices, individual investors turning to silver, a more accessible alternative, increased demand.
Second, manufacturers in the solar energy sector accelerating production ahead of potential tax regulations boosted industrial demand.
PHYSICAL SUPPLY CONCERNS INTENSIFY
The sharp increase in imports strengthened the perception that physical supply is tightening in the market. This creates upward pressure on prices in the short term while also increasing investor interest.
PRICE EXPECTATIONS RISE
Analysts present various price scenarios for silver, as it serves both as an investment vehicle and an industrial input.
According to JPMorgan Chase and London Bullion Market Association data, the ounce price is expected to trade in the $79-81 range throughout the year, with a potential test of the $84 level.
ENERGY SECTOR BECOMES DECISIVE
About 20% of global silver supply is used in solar energy production. However, China's policies to reduce overcapacity suggest that demand in this area may be limited in the future.
Prices in China's domestic market rising above global levels have directed investors toward arbitrage opportunities. The increasing flow of physical silver, particularly through Hong Kong, has accelerated market activity.
RISKS ON THE AGENDA
Meanwhile, energy tensions related to Iran and global inflation concerns have caused fluctuations in interest-free investment vehicles like gold and silver.
Following rising prices, a limited weakening in retail demand has also been observed.