Average silver price expected to drop 2% to $21.30 per ounce this year


Demand for silver from the PV industry increased by 28% from 110.0 million ounces (Moz) in 2021 to 140.3 Moz last year, according to the “World Silver Survey 2023,” which was recently published by the Silver Institute.

The report also reveals that silver demand in the solar industry may reach 161.1 Moz this year, which would represent a 15% growth compared to 2022.

“The increase in PV cell production was much faster than silver thrifting, and this in turn helped drive the 6% rise for global electronics and electrical demand,” the institute experts said, referring to last year's performance. “In 2023, we expect industrial fabrication will reach another all-time high, boosted by continued gains in photovoltaic applications as well as healthy offtake from other industrial segments.”

Global silver demand reached 1,055.6 Moz and 1,242.4 Moz in 2021 and 2022, respectively, and is expected to drop 6% this year to 1,167.0 Moz.

The average silver price for 2023 is expected to reach $21.30 per ounce, which would be around 2% lower than a year earlier. The Silver Institute said that it expects the price will trade in the low $18 per ounce in the fourth quarter.

Popular content

“Along with record silver demand and lower mine production, the silver market achieved its second consecutive annual structural deficit, at a significant 237.7 Moz last year,” the authors of the report stated, noting that the combined shortfalls of the previous two years “comfortably” offset the cumulative surpluses of the last 11 years.

“This year is expected to be another of solid silver demand,” they added. “Industrial fabrication should reach an all-time high, boosted by continued gains in the PV market and healthy offtake from other industrial segments.”


This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.