China's Silver Imports Surge 78% to Record 836T in March, Deficit Fuels Upside

China's silver imports jumped 78% month-on-month to a record ~836 tonnes in March, driven by retail investors and solar manufacturers front-loading ahead of tax rebate cuts, tightening supply and boosting upside pressure amid a forecasted 2026 deficit of 46.3 million ounces. The story kicked off on April 20 with reports of the surge versus typical levels, powered by retail and solar demand. By April 21, ING highlighted cooling retail momentum, price retreats from January highs, and narrowing Shanghai premiums, though latest data reaffirms bullish physical flows and volatility potential despite projected industrial demand dips.