China to restrict silver exports, echoing rare earths playbook

Core Viewpoint - China is tightening controls on silver exports, elevating it to a strategic material status, which could significantly impact U.S. industries and defense supply chains [1][3]. Industry Impact - The new export restrictions on silver, along with tungsten and antimony, are part of China's broader strategy to strengthen oversight of rare metals, which are critical for advanced technologies and defense [2][3]. - The EU Chamber of Commerce in China reported that a majority of its members expect to be affected by these new export controls [4]. Market Dynamics - In 2024, China is projected to be one of the largest producers of silver and holds significant reserves, which underscores its dominant position in the global silver market [5]. - China exported over 4,600 tons of silver in the first 11 months of the year, contrasting sharply with only about 220 tons of imports during the same period [6]. Price Trends - Silver prices have more than doubled in 2025, reaching a record peak above $80 an ounce, marking its best performance since 1979 [10]. - The surge in silver prices is attributed to a shift in investor sentiment away from the U.S. dollar, which has seen a nearly 9.5% decline in 2025 [9].