China’s strong silver demand drove imports to an eight-year high in early 2026, exceeding 790 tons in two months, with February at a record ~470 tons. Tight supply pushed domestic prices above global benchmarks and reduced inventories. Despite extreme volatility, including a 70% surge followed by a sharp pullback, physical demand remains resilient, supported by retail buying as a gold alternative and solar manufacturers accelerating production ahead of April 1 tax changes.