China imported 830 tonnes of silver in March

China imported about 836 tonnes of silver in March, the highest monthly total on record, according to Chinese customs data reported on April 20. (bloomberg.com) (businesstimes.com.sg) That was nearly triple the 10-year March average of about 306 tonnes, and it extended a strong run of inbound shipments in early 2026. (bloomberg.com) (businesstimes.com.sg) Two buyer groups showed up at once: retail investors, who turned to silver as gold prices climbed, and photovoltaic manufacturers, which use silver in solar cells. (bloomberg.com) (pv-magazine.com) The solar side of the story was tied to policy. China said in January it would eliminate value-added tax export rebates for photovoltaic products from April 1, 2026. (scio.gov.cn) (pv-magazine.com) That deadline helped pull solar shipments into March. Pv magazine reported Chinese module exports of about 37.32 gigawatts in March, up from 16.75 gigawatts in February. (pv-magazine.com) Silver sits inside the conductive paste that carries electricity out of a solar cell. The Silver Institute said the photovoltaic industry used 186.6 million ounces in 2025, even after a 6% decline from the year before. (pv-magazine.com) The wider market was already tight before China’s March buying spike. The World Silver Survey 2025 said the global silver market posted a fifth straight annual deficit in 2025, totaling 40.3 million ounces. (pv-magazine.com) Analysts do not expect March’s import pace to last. Pv magazine said photovoltaic silver demand is forecast to fall 19% in 2026 as manufacturers keep cutting silver loadings to offset higher prices. (pv-magazine.com) So the March import number looks less like a new monthly baseline than a collision of policy timing, retail demand and China’s scale in solar manufacturing. (bloomberg.com) (pv-magazine.com)