{"id":5069,"date":"2024-05-31T09:15:53","date_gmt":"2024-05-31T09:15:53","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/05\/31\/silver-traders-seek-out-china-as-solar-demand-stays-strong\/"},"modified":"2024-05-31T09:15:53","modified_gmt":"2024-05-31T09:15:53","slug":"silver-traders-seek-out-china-as-solar-demand-stays-strong","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/05\/31\/silver-traders-seek-out-china-as-solar-demand-stays-strong\/","title":{"rendered":"Silver Traders Seek Out China as Solar Demand Stays Strong"},"content":{"rendered":"<p><strong>China\u2019s 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.<br \/><\/strong><\/p>\n<p>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. <\/p>\n<p><span><\/span>This trend is expected to continue in 2024, with industrial demand forecast to rise by 9 percent.<\/p>\n<p>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.<\/p>\n<p>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. <\/p>\n<p>\u2018A wave of imports into China is going to drain the free float away from the West even further,\u2019 Daniel Ghali, senior commodity strategist at TD Securities (TSX:TD,NYSE:TD), told Bloomberg. \u2018That hasn\u2019t been captured by market pricing.\u201d<\/p>\n<p>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.<\/p>\n<p>The silver price was trading at US$31.38 per ounce as of 12:00 p.m. EDT on Thursday (May 30). <\/p>\n<p><strong>Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":5070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=5069"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/5070"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=5069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=5069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=5069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}