Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

Silver Traders Seek Out China as Solar Demand Stays Strong

by May 31, 2024
May 31, 2024
Silver Traders Seek Out China as Solar Demand Stays Strong

China’s silver imports may surge in the coming weeks, fueled by a combination of strong industrial demand and a price advantage in the Chinese market, according to a report by Bloomberg.

The news comes on the heels of a strong year for silver demand. Silver Institute figures show that although overall demand fell 7 percent in 2023, it still outstripped supply, resulting in a third consecutive structural market deficit.

This trend is expected to continue in 2024, with industrial demand forecast to rise by 9 percent.

The primary driver for the expected increase in Chinese silver imports is the booming solar panel industry, a major consumer of silver. Global silver demand for photovoltaic applications skyrocketed by 64 percent in 2023, reaching a new high of 193.5 million ounces. China, a leader in solar panel production, is at the forefront of this growth.

This surge in demand has led to a decline in Chinese silver stockpiles, and to meet their needs Chinese buyers are increasingly turning to silver imports. According to Bloomberg, although there is a 13 percent import tax, the premium on the Shanghai silver spot price rose above 15 percent last week, more than compensating for the charge.

‘A wave of imports into China is going to drain the free float away from the West even further,’ Daniel Ghali, senior commodity strategist at TD Securities (TSX:TD,NYSE:TD), told Bloomberg. ‘That hasn’t been captured by market pricing.”

This trend could have a ripple effect in the global silver market. As China ramps up imports, available supply of the white metal for other countries could tighten, potentially pushing prices higher.

The silver price was trading at US$31.38 per ounce as of 12:00 p.m. EDT on Thursday (May 30).

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
SilverCrest Metals: Gold, Silver vs. Fiat — We Want “Real Money” on our Balance Sheet
next post
IRS announces Direct File as permanent free tax-filing option starting next year

Related Posts

Heliostar Announces Graduation to Tier 1 Status on...

September 10, 2025

Investor Education: US Debt and Currency Collapse with...

December 7, 2023

Global Oil & Gas

October 19, 2023

CEOL Application Process Update

April 5, 2025

Nick Hodge: I’m Looking to Deploy Cash in...

November 15, 2023

Rich Checkan: Gold is Insurance, but Silver Has...

November 10, 2023

6 Lithium-ion Battery Types (Updated 2023)

August 29, 2023

5 Top Weekly TSXV Stocks: Juggernaut Exploration Leads...

July 31, 2023

Sage Potash Corp. Secures Key Water Rights Permit,...

August 19, 2023

Commissioning Proceeding to Plan as Boss Prepares for...

May 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Gold’s Meteoric Rise: Can the Price Break US$4,000 in 2025?

    • COB: Repayment of Promissory Note

    • Lo Herma Resource Drilling Timing Confirmed

    • Reinstatement to Quotation

    • Tariff Talks: Swiss Propose Investment in US Gold Refining

    Categories

    • Business (1,395)
    • Investing (2,975)
    • Politics (3,699)
    • Stocks (1,807)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved