China's Silver Shockwave: Imports Soar to 8-Year High Amidst Export Controls

• China imported over 790 tonnes of silver in January and February 2026, an eight-year high.
• February 2026 alone saw a record 470 tonnes imported, driven by strong industrial and investment demand.
• Domestic stock depletion and increased foreign purchases led to local prices significantly exceeding global benchmarks.
• Goldman Sachs warned China's new export controls could worsen local shortages and fragment the global silver market.
• New export rules requiring government approval for silver exports contribute to market instability and price volatility.