Silver industrial offtake in May showed a diverging pattern across end-use sectors. Solar photovoltaic manufacturing consumed an estimated 19 Moz in May, running at a 230 Moz annualized pace, representing 28% of total industrial silver demand. The Solar Energy Industries Association (SEIA) projects 2026 global solar installations of 420 GW, up 18% from 2025.
Electronics and electrical applications — the largest industrial silver category at 35% of demand — softened 3% month-on-month in May. Weakness in consumer electronics and semiconductor lead frames drove the decline. Global semiconductor billings fell 2.4% in April, the latest data available.
Silver brazing alloys and solders — 12% of industrial demand — declined by 2% as HVAC and automotive production schedules moderated. The automotive sector remains a mixed bag: EV production is growing at 15% YoY, boosting silver content per vehicle to 1.5 oz, but ICE vehicle production has slowed.
The photography and jewelry categories remain structurally stable. Photography demand declined 2% YoY to 42 Moz annualized, while jewelry demand grew 3% to 245 Moz on strong Indian and North American consumption.
Monitor the solar manufacturing data closely — any slowdown in Chinese PV output directly impacts silver demand. Electronics recovery remains key for H2 2026. Maintain monthly hedge layers; avoid lumpy coverage.