Market diagnosis: Silver is in structural deficit for the sixth consecutive year, with the 2026 deficit projected at -46.3 Moz. The spot price has corrected sharply from the January ATH of $121.64/oz to $70.01/oz (-42.5%), reflecting broad commodity liquidation and demand-side uncertainty. However, the deficit structure is intact, mine supply is constrained by by-product economics (~70% from base/gold mining), and the Shanghai premium of +12% signals persistent Chinese physical demand. This report provides procurement-specific guidance with quantified scenario analysis and forward contract recommendations.