silver

A new report from Metal Focus reveals that global silver market remains structurally tight, with elevated prices, a fifth consecutive annual supply deficit in 2025, and ongoing mine and recycling constraints despite modest production growth. At the same time, PV-driven silver demand is falling sharply due to cost pressure and thrifting.

Silver prices have fallen by more than 40% since early January, when they reached an all-time peak of about $120/oz.

France’s solar recycling body has selected Envie 2E, Galloo, Rosi, RVE, and First Solar to manage rising volumes of end-of-life panels, with combined capacity exceeding 45,000 metric tons (MT) per year.

Silver prices have resumed their climb, reaching $95 per ounce this morning. Silver analyst Philip Newman tells pv magazine that escalating tensions in the Middle East are expected to continue driving investment demand for safe-haven assets such as gold and silver.

As primary silver grades decline and solar demand surges, the industry must transition from viewing retired panels as waste to treating them as high-grade mineral reserves essential for the energy transition.

Rising silver prices are putting pressure on solar manufacturers, prompting greater focus on copper and other alternatives to reduce costs. Heraeus says it expects silver demand from photovoltaics to decline this year despite stable global installations.

The Silver Institute has said the amount of silver used for manufacturing is set to fall this year, driven by developments in the solar sector. The institute also says the silver market will remain in deficit for the sixth consecutive year. Philip Newman, Managing Director of independent research consultancy Metals Focus, told pv magazine the fact prices have recovered quite well after the end-January correction demonstrates the underlying strength of investor interest in silver.

After hitting an all-time high of $121.65/oz on Jan. 29, silver prices have tumbled to $79.44/oz, with analysts warning of a potential drop toward $50/oz.

Wuxi DK Electronic Materials is pursuing two patent infringement cases against domestic competitors, seeking injunctions, equipment destruction, and combined damages of CNY 400 million ($57.5 million).

Silver hit a new all-time high of $117.66/oz, climbing over 40% in the past month and 275% in the past year, driven by dollar weakness, geopolitical tensions, and gold’s strong momentum. Silver analyst Matthew Piggott tells pv magazine the metal may reach $130/oz within a couple of weeks.